Can a payday loan and credit card companies take me to court: I have pay day loan and creidt cards that are in collections and they are garnish my wAges
Kathryn's answer: Yes. If/when they sue you will receive a summons. After receiving judgment, if/when they decide to garnish wages your employer will be contacted and you will receive notice of proposed garnishment. If the debt is unmanageable consult a non profit debt consolidation firm and/or obtain a consultation from a bankruptcy attorney. Disclaimer: This information should not be construed as legal advice or creating a client attorney relationship.
i am in foreclosure and am trying for a chapter 7 but was told i could only get a chapter 13 to keep my home,: i want to know if i can file a chapter 7 and be able to keep my home, i know of someone who filed a 7 and is still in her home, but on a consultation a lawyer told me that i had to file a 13 to keep home
Kathryn's answer: Bankruptcy does not eliminate the lien the lender has on your property. So even though the promissory note portion can be discharged, the lender still holds a lien and can execute their rights through a foreclosure. The only exception to this is may be where a debtor has a second lien holder that is completely unsecured. A process known as lien stripping may be used under some circumstances. Lien stripping is only available under chapter 13 and only under certain circumstances. Chapter 13 can help a debtor save their home because unlike chapter 7, it proposes a repayment plan that catches up on arrearages thereby bringing the loan current (so you pay back what is outstanding during the plan). Your friend may be still in the house and may be able to keep it if he/she successfully gets a loan modification with the lender. In the long, this may be best solution financially because it means that unsecured debt will be discharged quickly and no repayment would be made. But attempting this comes with risks as no one can guarantee that you will be successful in getting a loan modification through your lender. So, in essence you may be able to save a home under chapter 7, but chapter 13 is the only way to ensure that, provided of course you can afford the chapter 13 payments and don't fail out of the plan. Disclaimer: This information should not be construed as legal advice and does not create a client attorney relationship.
Kathryn's answer: In addition, I should also mention that perhaps your income and/or asset situation makes you inelligible for chapter 7. You can always get a second or third opinion from a consultation with another attorney. Please keep in mind that there are many facts that must be taken into consideration in determining how to proceed.
The notice of trustee sale was going to be posted next Monday: I filed bankruptcy to stop the recording and posting of the notice of sale date. I also want to apply for loan modification. Does anyone know what is the likelihood of getting a loan modification after filing bankruptcy and my unemployment money is on hold? Unemployment things that I was overpaid and they've put all my payments on hold and they are trying to collect from me.
Kathryn's answer: No one can answer that question for sure, however you need sufficient income to qualify. Do everything you can to find a job and maybe even get a tenant that pays you rent. You need to show sufficient income to qualify for a loan modification. If your income situation changes since your application, apply again with the new information. Disclaimer: This should not be construed as legal advice or creating an attorney client relationship.