Posts tagged ‘chapter 13’

April 27, 2012

The Difference Between the Discharge and Closing of a Bankruptcy Case

Toward the end of bankruptcy are two separate events: one is receiving a discharge, and the second is the closing of the case.  In almost every case the discharge is granted and an order is sent by the courts about 110 days after the filing of the bankruptcy.  Once the discharge is entered the automatic bankruptcy stay ends, and creditors are allowed to foreclose if they still have a valid lien.  In most case the creditors with valid liens wait for the case to be closed or pay for a motion for relief from the automatic bankruptcy stay so that they have a court order stating that they can foreclose.

Receiving the discharge does not mean that the case is closed, as the trustee will still need to determine what assets if any need to be collected, and distributed to creditors.  This process can take a few months or over a year.

The trustees operate under a set of guidelines directing them to make sure a case is fully administered, with all assets collected and distributed within 2 years from the filing date.  Trustees want to get things handled as fast as possible, but they have a lot of cases, and may take time to get to your case.  If the trustee determines that there are no assets the case will close a lot faster than if there are assets.

September 12, 2010

Can I get rid of my second mortgage in bankruptcy?

During this down economy, the real estate values have declined drastically. This has caused many to find themselves in an upside- down house. This means that a home’s value is less than the mortgage owed. Unfortunately, this is causing some to walk away from their home without looking for possible solutions to their financial situation. We at The Carroll Law Firm believe that we are the perfect lawyers to help you explore all of your options.

We can help you examine both Chapter 7 bankruptcy which can give you a fresh start and Chapter 13 bankruptcy where you can establish a repayment plan for less than you owe. With Chapter 13 bankruptcy, it is possible to cancel a second mortgage completely. With our firm’s assistance, we may be able to help you obtain loan modification for second mortgages or help in negotiating interest rates.

The Carroll Law Firm understands the fear of losing your home or other property. We know that this can be both scary and stressful. That is why we want to help you to move forward by providing you with our experience, various options, and our support for your family. We recognize that every situation is different, and our goal is to help you make the best decisions for you and your family. Call us now for a free 30 minute consultation.

August 10, 2010

Considering Bankruptcy?

The dreaded “b” word is tossed around today like a baseball on the practice field. But we’re not talking baseball are we? We’re trying to avoid the topic of bankruptcy, a legal proceeding where a person can find a fresh financial start. Unfortunately it often comes with the social stigma that the person considering bankruptcy has obviously done something terribly wrong to find themselves in this position of being unable to pay their bills.

If this is you, you probably have a number of questions concerning bankruptcy and its ramifications. What is the difference between Chapter 7 and Chapter 13 bankruptcies? Can you file the legal papers yourself? What will happen to your credit? These are just a few of the questions you may be worrying about. Today there is a great deal of misinformation out in the public regarding bankruptcy. Why would we trust a friend or neighbor’s opinion or even hearsay without finding the real answers from a reliable source?

We at The Carroll Law Firm in Anthem, Arizona (AZ), offer a free consultation for you where you can ask your questions and get the legal answers to your specific situation. We want you to know that there is no need to be afraid of the “b” word any longer. We are here to help you through this financial crisis because we care about you and your families.