(541) 762-1967Chapter 7
Why Bankruptcy Isn’t as Scary as It Sounds
Many people today are going through more profound financial strain than ever before. This has become challenging, which could make it impossible for you to meet all of your financial obligations. The term Bankruptcy is a scary word for most people. It is automatically associated with business closures, financial problems, and tarnished credit. At Butcher Law Office,…
Read MoreChapter 13 Bankruptcy Versus Chapter 7
Bankruptcy Individuals have two main options for bankruptcy: Chapter 7 and Chapter 13. These are vastly different in the way that they manage your debts. They also have different credit penalties and are well-suited to handling specific types of debt. In this article, we’ll take a look at some of the main differences between Chapter…
Read MoreRetaining Credit Cards through Bankruptcy
I have many clients who want to hold onto a credit card through bankruptcy. But this is not always the best idea and is a lot more difficult than it may seem at first blush. In the first place, you must list all creditors you owe money to in your bankruptcy, including any medical bills…
Read MoreTime Barred Debt; or, Debt that Lives on Past its Expiration Date.
If debt were milk, this milk would be rotten. I am speaking about old debt, or time-barred debt. This article addresses time-barred debt, how to respond to time-barred debt, and how bankruptcy may play into the analysis.
Read MoreBankruptcy Hearing – What If I Cannot Attend on the Date the Hearing is Set For?
Every time a bankruptcy is filed, a corresponding bankruptcy hearing is set. This hearing is commonly called the “Meeting of Creditors” hearing, or the 341(a) hearing (which is the section of the bankruptcy code that establishes this mandatory hearing requirement). At this hearing, a bankruptcy trustee will ask a series of questions (as described in…
Read MoreMedian Income & Bankruptcy: Getting Through the Door for a Chapter 7 Bankruptcy
For consumers, there are two main types of bankruptcy: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy is by far the most widely used form of relief in the bankruptcy spectrum. But there are certain conditions that must be met to qualify for a Chapter 7 bankruptcy. This post details the most important…
Read MoreBankruptcy Filing Fees Set to Increase
The Judicial Conference has announced that filing fees for bankruptcy will increase. This increase will affect all new bankruptcy cases filed on and after June 1, 2014. Chapter 7 bankruptcy and Chapter 13 bankruptcy filing fees will increase by $29 each. FEE INCREASE BREAKDOWN The Chapter 7 bankruptcy filing fee will increase from $306 to…
Read MoreFHA Mortgages & Bankruptcy: You May Only Have to Wait One Year After Bankruptcy to Qualify
Conventionally, it took two years, minimum, to obtain an FHA mortgage loan after filing bankruptcy, provided all required criteria were met. The FHA (Federal Housing Administration, part of the U.S. Department of Housing and Urban Development) recently changed its guidelines to allow FHA mortgage loans to individuals only 1-year outside of bankruptcy. This post discusses…
Read MoreDisecting a Credit Report for Bankruptcy
I have previously written an article on obtaining free credit reports each year from Annual Credit Report. This present post goes into detail on how to read a credit report once it is obtained, and how the credit report is used for constructing a chapter 7 bankruptcy or a chapter 13 bankruptcy. Under Federal Law, the…
Read MoreWill People Find Out that I Filed Bankruptcy?
A common question I receive is: “Will people find out if I file bankruptcy?” This post details who will find out about your bankruptcy, and who will probably never find out about your bankruptcy (unless you first disclose this fact to them). A bankruptcy filing is a public filing; it becomes part of the public…
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