Qualifying For Chapter 13 Bankruptcy
If you are above the median average household income and you have certain assets that you want to keep, a Chapter 13 bankruptcy might be in your best interest. Also, there are certain types of debt that you can discharge in a Chapter 13 bankruptcy that are not dischargeable in a Chapter 7 bankruptcy. For example, court ordered payments to an ex-spouse that are not designated as support payments might be discharged in a Chapter 7 bankruptcy, whereas they might be discharged in a Chapter 13 bankruptcy.
If you’re wondering if Chapter 13 bankruptcy is right for you, contact the Cook Law Firm today!
Mortgage paperwork mess: Next housing shock?
(CBS News) If there was a question about whether we’re headed for a second housing shock, that was settled last week with news that home prices have fallen a sixth consecutive month. Values are nearly back to levels of the Great Recession. One thing weighing on the economy is the huge number of foreclosed houses.