Transcript If you lose your job or your income goes down while you’re in a Chapter 13, it’s possible to modify the plan to reduce the payment or convert the Chapter 13 case to a Chapter 7.
Transcript A Chapter 7 bankruptcy stays on your credit for ten years, a Chapter 13 stays on your credit for seven years. Notwithstanding the fact that the bankruptcy still remains on your credit you still may qualify for an automobile loan or low money down FHA mortgage even with the bankruptcy still on your … Continue reading “How will a bankruptcy affect my credit?”
Transcript The Means Test is used to see if you qualify for a Chapter 7 bankruptcy. It takes into account your income, your expenses, and your household size to calculate your disposable income. If you have too much disposable income, you won’t qualify for a Chapter 7 and you’ll have to file a Chapter … Continue reading “What is the Mean Test?”
Transcript It is possible to have your bankruptcy denied, however, it’s easy to avoid. If you are truthful and accurate when you answer the questions on the forms and answer the questions of the bankruptcy trustee, you should have no issues.
Transcript The 341 meeting of creditors is a meeting in which the bankruptcy trustee asks you questions about your income, your assets, and issues that may have arisen after the trustee reviews your bank statements, tax returns, and your bankruptcy schedules. Due to the nature and duration of the meeting it is unlikely … Continue reading “What is a 341 Meeting of Creditors for Personal Bankruptcy?”