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FriendFinder Networks, owner of adult entertainment website and the popular magazine publication Penthouse, has filed for Chapter 11 bankruptcy.  The company has been struggling to pull in new revenue in recent years, while having problems paying back outstanding loans and other debts.  In August, the company was delisted from NASDAQ when their stock trade fell [...]

Some debtors may get confused about the aspect of listing all debts when you file your petition.  You are required by the bankruptcy court to submit all details in relation to outstanding debts, including creditors that are owed and their outstanding balances.  But, what happens when more than one collection agency gets a hold of [...]

A recent revision to Oregon’s mediation requirements has set off an anvalanche of requests for face-to-face meetings between lenders and borrowers with delinquent mortgages. This recent amendment to the Oregon Legislature’s Foreclosure Avoidance Mediation Program requires all lenders to meet with distressed homeowners before foreclosing on delinquent mortgages. This change has recently resulted in 500 new requests for mediation.
Over the last two years and for a variety of reasons, more and more lenders had been opting for judicial foreclosure in Oregon. Until recently, lenders who commenced judicial foreclosures were able to avoid mediation, but that exemption has now been removed.  Here’s hoping that the initial spike in mediation requests will continue and that getting lenders and borrowers together at the same table will help ward off foreclosures and keep Oregonians in their homes.
 
The original post is titled Change in Oregon Mediation Law Aids Consumers in Foreclosure , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .

Sometimes what begins as a Chapter 13 bankruptcy ends up as a Chapter 7. Here are some reasons why.
You go into bankruptcy with a clear sense of what you want to accomplish. Whether it’s to handle a mortgage problem, taxes, or simply because you’ve got the ability to repay some of your debts, Chapter 13 can be a big win.
See also:

• Chapter 7 Bankruptcy Explained
• Chapter 13 Bankruptcy Explained

But 36-60 months is a long time, and fortunes change.
Here are some of the reasons why your Chapter 13 bankruptcy may be better off as a Chapter 7 bankruptcy.
Convert To Chapter 7 If You Can’t Make The Chapter 13 Payments
When you file for Chapter 13 bankruptcy, you put together a Plan for the repayment of some or all of your debts over a 36-60 month period.
If your income goes down or your other expenses rise, you may not be able to make those payments. Rather than having the Chapter 13 trustee dismiss your case, consider whether converting to a Chapter 7 is a good idea.
See also:

• Why Your Chapter 13 Plan Must Meet The Feasibility Test
• Chapter 13 Plan Length

Convert If The Arrears Keep Building
If you filed your Chapter 13 bankruptcy case to catch up on car or mortgage payments, you know you’re responsible for making all new payments on time.
Failure to make those post-petition payments on time will cause the lender to ask the court for permission to foreclose or repossess the car.
This would make a Chapter 13 bankruptcy less useful. If you’re going to lose the house or car anyway, consider converting to Chapter 7. This will allow you to wipe out any shortage or deficiency that might otherwise arise.
Convert If You Want It Finished
Chapter 13 bankruptcy takes up 3-5 years of your life, during which it’s difficult to take on new debt or build up your savings for the future.
If you want to just get on with your life and are willing to give up any non-exempt assets, conversion may not be a bad idea.
See also:

• Options For Keeping Your Home Or Car After Chapter 7 Bankruptcy
• California Homestead Exemption
• California Bankruptcy Exemptions
• New York Homestead Exemption

Understand The Power Of Conversion
Your rights and responsibilities differ significantly under Chapter 7 as opposed to under Chapter 13. By weighing the pros and cons, you’ll understand which remedy gives you a better deal.
Conversion isn’t for everyone, nor it is appropriate in all situations. But for the right person at the right time, converting your Chapter 13 to Chapter 7 can be a powerful way to achieve your financial goals in bankruptcy.
3 Powerful Reasons To Convert Your Chapter 13 Bankruptcy Case To Chapter 7 was originally published on Consumer Help Central. If you're seeing this message on another site, it has been stolen and is being used without permission. That's illegal, a violation of copyright, and just plain awful.