What Happens to Your HELOC In Chapter 7 Bankruptcy and What is Lien Stripping?

We have been asked this question many times, and this time we like to address this issue in greater details. Let us say you own a home, and if you file for either Chapter 7 or Chapter 13 bankruptcy, what happens to second or third mortgages and liens on your home? This is a very [...]

How to enter reaffirmation agreements for cars?

We had discussed in one of our earlier topic the difference between reaffirmation and surrender. A reaffirmation comes into picture when a debtor like to continue making the agreed payments and like to reaffirm the secured debts instead of surrendering the collateral and of course wiping out the deficiency. We know that most of the [...]

The New Rule About Judgment Debtors Are in Place

We have dealt with this topic few times already. However, a new treasury rule, effective May 1, 2011, will provide more protection to recipients of federal benefits from garnishment of their bank accounts. How this would affect future bankruptcy filers. This is our main topic here today. Garnishment and Federal Benefits: The Basics We already [...]