How soon would I be eligible for a mortgage after bankruptcy ?

Posted on July 17, 2018. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts, Reorganization of Debts | Tags: , |

This question is often asked and really is hard to determine, as it really depends on which mortgage company you are dealing with and how they look at your bankruptcy, whether it be a Chapter 7 or Chapter 13.

In an article published by HSH.com , Julie Flatland, vice president of credit in the mortgage lending division of Carrington Mortgage Services in Santa Ana, California, is interviewed and provides some insight into this question that is often asked of bankruptcy attorneys by their clients, but never really answered.

Ms. Flatland provides some distinctions between Chapter 7 and Chapter 13 and how they can have different effects on the ability to be eligible for a mortgage after bankruptcy. She also provides four guidelines, or steps, to follow to improve your chances for qualifying for a mortgage.

All in all, her article confirms what I have generally always told my clients, and that is that obtaining mortgages and other debt after bankruptcy is usually possible, but is always dependent on your financial activities after bankruptcy and also which creditor is considering you for credit. As a general rule, our experience has been that bankruptcy does not totally destroy your ability to get credit in the future.

Click here to read the full article by hsh.com

If you have questions about bankruptcy, give us a call. The first appointment with us is free and there is no obligation. We might be able to help.

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Bankruptcy is Forgiveness of Debt: A Principle as Old as the Bible

Posted on June 12, 2018. Filed under: Chapter 7 Bankruptcy, Consumer Alerts | Tags: , |

bible pic

“At the end of every seventh year you are to cancel the debts of those who owe you money. This is how it is to be done. Everyone who has lent money is to cancel the debt; he must not try to collect the money: the Lord himself has declared the debt canceled.”
-Deuteronomy 15:1-3

If you think bankruptcy can help you,  give us a call today for a free, no obligation consultation.

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Are your bills a burden ?

Posted on May 17, 2018. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts, Consumer Bankruptcy Attorney | Tags: , , , |

If you are looking at your debt today and feel that it is a burden to your life, give us a call here at Kentucky Bankruptcy Attorney John Rogers and we will be happy to schedule you a free, no obligation appointment to meet with you and discuss your options for resolving these issues. You are not alone. We are here to help and are ready to put our many years of experience to work for you. Kentucky Bankruptcy Attorney John Rogers is Board Certified in Consumer Bankruptcy Law by the American Board of Certification. Give us a call today at 1-888-651-9353 or email us at johnrogers@glasgow-ky.com

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How does Chapter 13 work? Who can file a Chapter 13 case?

Posted on May 3, 2018. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts | Tags: |

Debtors in Chapter 13 keep all of their property, whether or not it is exempt, but they make regular payments on their debts out of the money that they earn after filing the bankruptcy case. These payments must be at least as much as would have been paid to creditors in a Chapter 7 case. The payments are made to a trustee, who distributes the payments to the creditors. The payments are made in regular installments, according to a plan that the debtor draws up (usually with the help of an attorney). The plans last either until the debts are paid in full or until the end of a three to five year period. The debtor receives a discharge at the end of the plan. Before filing Chapter 13, debtors are required to complete a credit counseling session with an approved counseling agency.

A Chapter 13 case can be filed by most consumer debtors. There are two principal requirements: First, the debtor must have regular income, although this need not be from a job—regular benefit payments or rental income would qualify. Second, the debtor must not have excessive debt. Chapter 13 is available only to debtors who DO NOT owe more than a certain amount in secured debt (like home mortgages and auto loans), and no more than a certain amount in unsecured debt (like most credit card and medical debt). Your attorney can review these amounts with you.

We are available to discuss your bankruptcy  options at any time. Maybe Chapter 13 is the best for you, maybe Chapter 7.  The first discussion with us in the office is free and there is no obligation. Call Kentucky Bankruptcy Attorney John Rogers today.

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Facebook and Bankruptcy

Posted on April 18, 2018. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts | Tags: , |

In order to provide as much information to folks in as many formats as possible, we have two Facebook pages that offer this outreach and we also offer occasional  posts on those pages with information about consumer finance issues and other financial topics of interest. You may want to check out these pages:

John Rogers, Attorney at Law

Rogers Law Consumer Help Center

We are solely determined to offer the finest in advice and representation to folks who may need to consider bankruptcy for help. With almost 30 years of experience in this area, we strive to assist folks with their options at the lowest cost available.

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Bankruptcy and What You Own and Want to Keep

Posted on March 6, 2018. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts | Tags: , |

 

If you decide that filing for bankruptcy protection is in your best interest, you want to keep as much of your property as you can, while at the same time obtaining relief from your debts.  Without an experienced bankruptcy lawyer guiding you through the bankruptcy process, your property and the discharge of your debts may be at risk.  Our firm believes that the best way to represent you is to personally know you, your situation, and your reason for considering bankruptcy.

 

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Will you get to keep your tax refund money if you file bankruptcy ?

Posted on February 28, 2018. Filed under: Chapter 7 Bankruptcy, taxes | Tags: , |

It is the time of year for tax refunds. We have questions from folks as to whether they can file Chapter 7 bankruptcy before filing taxes and still keep their tax refunds coming to them after they file bankruptcy or whether they can keep a tax refund received right before filing bankruptcy.

The answer is that they generally can keep their refunds, depending, of course, on how large the refund is. The general bankruptcy exemptions available under the federal bankruptcy exemptions (which we can use in Kentucky) are usually large enough to protect most tax refunds from being lost to the trustee. You can also use your tax refund to pay the fees and costs for the bankruptcy.

Also, if you are thinking about filing bankruptcy, and are going to use your tax refund to pay off a debt to a family member or creditor prior to filing bankruptcy, you should consult with a bankruptcy attorney before doing that. There are provisions in the bankruptcy law which may allow the trustee to take that money back from the family member or creditor should you then file bankruptcy after paying them. Alternatively, if you just keep the refund and don’t pay any of it to anyone, then the refund may be able to be protected with the exemptions as outlined above, and as we said above, used to pay the fees and costs for the bankruptcy.

Your circumstances may be unique, so always discuss your options with a bankruptcy attorney before you do anything with your tax refund money, if possible.

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Letting A Home Go Back in Bankruptcy

Posted on February 13, 2018. Filed under: Chapter 7 Bankruptcy, Consumer Alerts, Uncategorized | Tags: , |

We have found in our office that surrendering a home is one of the hardest things for clients to consider doing.  We all get emotionally attached to our home, often because that is where our children were raised or it is family property.  It is very difficult to consider letting your home go back, but it is often the economically sound thing to do for your future.

We would also add that in our area of Kentucky, we have many folks that have financed a manufactured or mobile home and land together and owe much more than the manufactured or mobile home is worth, even factoring in the value of the land.  Manufactured or mobile homes most often depreciate in value, thus never allowing folks to build up equity in them.  In these cases, surrendering the manufactured or mobile home is often the wisest thing to do.

A home can be surrendered to the bank or mortgage holder in Chapter 7 Bankruptcy and the debt owing on the home is then discharged, or eliminated.

Finally, often  a Chapter 13 Bankuptcy can be used to save a home where the debt on the home is behind, should you choose to.

To look  at your options in regards to your home debt, contact an  experienced bankruptcy attorney.

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Credit Counseling, Debt Consolidation or Bankruptcy ?

Posted on February 3, 2018. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts, Consumer Bankruptcy Attorney | Tags: , , , |

choices

Are you considering debt relief through a consumer credit counseling  or debt consolidation service ?  You may be surprised to learn that they can do more harm than good to your credit.  Many times, bankruptcy is a better option, and we will be happy to sit down with you and thoroughly discuss your personal financial situation in order to help you decide what is the best solution your financial problems.  In analyzing your particular situation, we always consider if there is an alternative to filing bankruptcy.  The decision to file bankruptcy is a difficult choice for many people to make.  A bankruptcy will have an effect, in some fashion, on your future credit.  Bankruptcy, though,  does not totally destroy your ability to get credit in the future.  The decision to file bankruptcy must be carefully made in consultation with an attorney. Contact us at Kentucky Bankruptcy Attorney John Rogers at johnrogers@glasgow-ky.com or 270-651-7777.

photo credit: hang_in_there via photopin cc

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Your Tax Refund and Bankruptcy: What to Know

Posted on January 24, 2018. Filed under: Chapter 7 Bankruptcy, Consumer Alerts, Consumer Bankruptcy Attorney | Tags: , , , |

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Tax refund time is here.  We have questions from folks as to whether they can file Chapter 7 bankruptcy before or after filing taxes and still keep their tax refunds.

The answer is that they generally can keep their refunds, depending, of course, on how large the refund is. The general bankruptcy exemptions available under the federal bankruptcy exemptions (which can be used in Kentucky) are usually large enough to protect most tax refunds from being lost to the trustee. You can also use your tax refund to pay the fees and costs for the bankruptcy.

Also, if you are thinking about filing bankruptcy, and are going to use your tax refund to pay off a debt to a family member or creditor prior to filing bankruptcy, you should consult with a bankruptcy attorney before doing that. There are provisions in the bankruptcy law which may allow the trustee to take that money back from the family member or creditor should you then file bankruptcy after paying them. Alternatively, if you just keep the refund and don’t pay any of it to anyone, then the refund may be able to be protected with the exemptions as outlined above.

Your circumstances may be unique, so always discuss your options with a bankruptcy attorney before you do anything with your tax refund money.

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