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Information about Liens and Bankruptcy

Chapter 7 and Chapter 13 are the two most common types of bankruptcy filings used by consumers. It is vitally important to have a bankruptcy attorney – one that will fight to protect your rights and property. The right attorney will help you keep your home, vehicles or other property.

A common concern for people who are considering bankruptcy is what happens to their liens during a bankruptcy. It is important to know that bankruptcy discharges only the personal liability of the debtor, not the liability of property that has a lien on it prior to a bankruptcy petition. Do not despair, though. Some liens can be voided, all or in part, during bankruptcy proceedings.

For instance, tax liens are not voidable in Chapter 7 bankruptcy, even if they impair exemptions. However, tax liens can be voided in Chapter 13 bankruptcy, to the extent that the lien is greater than the asset’s value. The type of filing helps determine which liens can be voided and which cannot.

In a Chapter 7 filing, also known as a straight bankruptcy or liquidation, most liens cannot be avoided and survive the filing. This is especially true of secured liens. However, many types of unsecured liens are voided during the proceedings.

Debts such as: child support, spousal support, income taxes less than 3 years old, property taxes, student loans (unless you win an adversary proceeding), and fines and restitution imposed by a court are exempt from discharge. All debts, regardless of their potential discheargability, must be listed on bankruptcy forms.

Chapter 13, also known as reorganization, is another type of bankruptcy filing. One of the main differences between Chapters 7 and 13 is that under Chapter 13, a plan to repay creditors over a 3 to 5 year period is proposed. Generally speaking, the person filing gets to keep their property and the creditors end up with less than they are owed.

In Chapter 13, liens can be stripped down to the value of the collateral of the loan. This includes voluntary liens such as mortgages and home equity line of credit loans. Basically, this is a realistic payment plan supervised by the courts. The payments you will be required to make are based on what is left in your budget after living expenses are deducted. It also provides for creditors that are not part of your repayment plan.
For instance, if a creditor places a lien against you for a debt that was incurred prior to bankruptcy proceedings, they cannot collect on that debt. This means your cash flow is protected and your budget remains steady. There are debt limits for filing a Chapter 13 plan. These amounts are adjusted periodically in accordance with the consumer price index.

All liens you have will need to be dealt with. Some liens will need to be paid in full, some you may be able to negotiate a payback amount. A good bankruptcy attorney can answer all of your questions about what happens to your liens in bankruptcy.

The best way to determine which plan suits your needs best is to consult a bankruptcy attorney. Let Legal Helpers, http://www.legalhelpers.com, connect you with the right lawyer for you.

Credit Card Bankruptcy

Bankruptcy and Credit: How Bankruptcy and Your Credit Are Connected

Credit is something that just about all of us has, for better or for worse. Sometimes you can think you have satisfactory credit when it seemingly goes bad overnight. Regardless, most kinds of bad credit are fixable without the aid of filing bankruptcy. Bankruptcy should only be used as a last resort to insurmountable debt because of its consequences and how it will remain on your credit report for as many as 10 years.

How to Fix Poor Credit

•    Obtain a copy of your credit report from a licensed credit bureau to ensure there are no inaccuracies

•    Pay off any outstanding debts that you can afford, at least make payments on them starting with those that have the highest interest rates

•    Contact a licensed credit counselor about the viability of a debt consolidation or debt management program

•    Cut down unnecessary spending and spend all your income on life’s necessities and bill payments

•    After your credit cards have been paid off then open a new credit card under a secured credit line but be absolutely sure to pay the balance on time every month

As you can clearly see, fixing credit involves not only cutting off the unnecessary spending and reorganizing a repayment plan, but also rebuilding credit once you’ve dug yourself out of the hole.

If the aforementioned tactics do not work given the amount of debt you’re suffering from then bankruptcy might be your only option left. Talk to a licensed bankruptcy attorney in your area about your debts and whether Chapter 7 bankruptcy or Chapter 13 bankruptcy is a likely scenario. That way you can start the process of breaking down your debt, fixing it, and then rebuilding it back to a level of respectability.

Chapter 7 vs Chapter 13 Bankruptcy

Bankruptcy laws give individuals seeking debt relief two main bankruptcy chapters: Chapter 7 debt elimination and Chapter 13 reorganization.

In Chapter 7 bankruptcy, debts like credit cards, medical bills and utility bills can be completely wiped out. Some property may be used by the bankruptcy courts to repay creditors--however, bankruptcy laws in each state allow individuals to keep much of their most valuable assets.

In Chapter 13 bankruptcy, individuals past-due on mortgage payments or auto loans work out a repayment plan in bankruptcy court. Filers who also have credit card debt or medical debt may be able to reduce or eliminate those bills.

A local bankruptcy attorney can help you decide which bankruptcy option may best suit your needs.