GOLDBACH LAW BLOG
Learn more about bankruptcy law, debt collection, and more. Free tips and checklists to help you better plan and manage your bankruptcy decision.
Myths About Bankruptcy
Most people have a negative association with the word bankruptcy. However, often what you heard is misleading and misinformed statements from people who are not well versed in bankruptcy law. Many very successful people and businesses have filed bankruptcy and have...
Chapter 13 Bankruptcy Basics
Some of the Simple Benefits of Chapter 13 Even in a simple Chapter 13 case, you could: 1) catch up on your mortgage arrearage, have up to 5 years to do so, while continuously being protected from foreclosure; 2) possibly “strip” off a second or third mortgage from...
Bankruptcy Basics
1. Bankruptcy Stops Creditors From Collection Actions Against You Your Creditors must stop all collection activity immediately upon the filing of your Bankruptcy case. A legally enforceable “stay” is triggered when you file for Bankruptcy. The Bankruptcy Stay STOPS: -...
Chapter 7 Impact on Credit
Although I am not a credit score expert, I do understand what impact certain negative events have on your credit. Most credit scoring experts indicate that bankruptcy will reduce your credit score about 200 to 300 points regardless of when you filed. If you have a...
How Bankruptcy Will Affect Your Mortgage
A major concern for most homeowners who are contemplating Chapter 7 or Chapter 13 bankruptcy is how the bankruptcy will affect their mortgage. The good news is that your mortgage company cannot raise your interest rate or change other terms of your loan to punish you...
Applying For A Home Mortgage After Bankruptcy
Qualifying for a home mortgage with a bankruptcy on your credit history requires time and money. Yet by understanding the requirements to get a mortgage after a bankruptcy and by carefully rebuilding your credit standing, you can apply for a loan and buy a home. Your...
Chapter 13 Bankruptcy Process, Duration and Effect on Credit
Most people considering Chapter 13 bankruptcy realize that filing for bankruptcy will affect their credit. But many people wonder about the specifics: how long Chapter 13 bankruptcy lasts, how it works, and how specifically it’s likely to affect a filer’s credit....
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy In a Chapter 13 bankruptcy proceeding, the debtor keeps all assets and creates a plan to repay debts within a three-to-five year time period. The repayment plan must be approved by the court. Once approved, the debtor makes payments to a...
Is Filing Bankruptcy An Alternative to Foreclosure
Many homeowners don’t want to face foreclosure. When they fail to pay for their mortgages for at least 4 months, homeowners are faced with foreclosure. Some lenders will be open to negotiations but there are other lenders who refuse to give better payment terms. This...
