Dieppa Law BlogChapter 13 Bankruptcy
Chapter 13 or Chapter 7, Which is Best for You?
While some individuals will have no choice but to file Ch. 13 under the post-2005 bankruptcy law, others will have to make a choice between the two types of bankruptcy: Chapter 13 or Chapter 7. A typical scenario is a single income earner who must choose whether they want to try and save their home [...]
The Bankruptcy Means Test
As was widely reported, the 2005 bankruptcy act made it more difficult for individuals to file for Chapter 7 bankruptcy and eliminate their debts. One of the changes that penalized individuals the most was the “means test.” To put it simply, the means test forces individuals making over a certain amount to file Chapter 13 [...]
Lien Stripping Under Ch. 13 Bankruptcy
The latest news shows that prices in the real estate market have fallen about 55% since the peak of the market. Many homeowners bought in that period with no money down, interest only loans, and with double mortgages. Typically, a home equity line of credit (HELOC) was used to cover the 20% “downpayment” and a [...]