It depends what steps you take in advance of his bankruptcy filing, and what the mortgage company chooses to do.

Generally, going through the refinancing process for any mortgage on a home when a quitclaim deed has been filed is the safest avenue for a homeowner to pursue. When a quitclaim deed is filed, the obligation within the mortgage documents changes essentially: from the couple jointly owning the property, to just one of the original individuals named in the deed. So the mortgage holder has one less person from which to collect payment, thus increasing their exposure. [ Read More… → ]

A debtor in a bankruptcy cannot take advantage of state exemptions to shield any asset from bankruptcy, nor can a debtor sell or transfer assets simply to ‘protect’ them. [ Read More… → ]

The amount of a Chapter 13 bankruptcy plan payment is generally a person’s monthly ‘disposable income.’  This figure can be arrived at by looking at the amounts set forth at the bottom of Schedule I and Schedule J: monthly income, less monthly allowable expenses, equals ‘disposable income.’

These calculations can be determined by properly using Standard Legal’s Bankruptcy legal forms software.

There is no obligation under federal bankruptcy law to remain in a home you own in order to file bankruptcy, whether that home is in foreclosure or not.  You are permitted to move to a different jurisdiction and file your bankruptcy case there. You may also move to a different residence within the same Bankruptcy Court jurisdiction. [ Read More… → ]

To successfully file for bankruptcy, debtors must complete both a Credit Counseling Briefing prior to filing and a Debtor Education Course before a discharge is entered. These courses must be approved by the U.S. Trustee, and failure to file certification that these courses have been completed at the appropriate time may mean that your case is dismissed or your discharge denied. [ Read More… → ]

Under federal bankruptcy law, once a person files a case, creditors are “stayed” from taking any action to collect on their debt.  As long as your Chapter 13 plan is confirmed by the Bankruptcy Court and you make both your Chapter 13 plan payments and your current mortgage payments, the mortgage holder should not be permitted to take any action to foreclose on your home. [ Read More… → ]

Yes! Pro se filers must make the Bankruptcy Court aware of all assets and asset transfers or sales. [ Read More… → ]

Credit scores are not law-related in any way, and as such Standard Legal cannot offer a response. [ Read More… → ]

Whether or not you can “keep” your IRA after a Chapter 7 Bankruptcy filing depends upon which state you live in and whether or not your state offers an exemption for IRA accounts. [ Read More… → ]

While the process of filing for personal Chapter 7 or Chapter 13 Bankruptcy is by no means “quick and simple”, there is most definitely a clear set of steps that must be followed to make it through the process. [ Read More… → ]

Absolutely. In fact, the U.S. Bankruptcy Court made changes to three forms that must be utilized starting December 1, 2008, and those forms already are included in the Standard Legal Bankruptcy Package: [ Read More… → ]

Standard Legal’s Bankruptcy software permits the debtor to prepare a list of creditors [ Read More… → ]

Users can type directly into each field on every Standard Legal U.S. Bankruptcy Court form using just about any PC or Mac operating system available. Standard Legal’s Bankruptcy forms are provided [ Read More… → ]