Any exploration of this topic requires an understanding of reaffirmation agreements. Under New York bankruptcy law (In re Boodrow) a debtor does not have to sign a Reaffirmation Agreement for a mortgage on real estate. This is a good thing (especially when dealing with second or third mortgages), since a signed Reaffirmation Agreement causes you to remain personally liable for the mortgage debt after bankruptcy, and for any resulting deficiency judgment determined to be due after a foreclosure of the “reaffirmed” mortgage.

Can I leave some creditors off of my bankruptcy?No. Any creditor whom you owe a balance to must be listed on the petition. Does this mean you should go pay off all the credit cards that you want to keep?No. Even with a $0.00 balance the credit card companies will likely close your accounts once you file bankruptcy. Some creditors WILL let you keep your account but even if this is the case, you do not want to pay off any large balances right before filing for bankruptcy.

Do I have to appear in front of a Judge for my bankruptcy? No. The Judge does oversee the bankruptcy process; however you are not required to appear in front of him. Depending on your specific case, your attorney may need to appear in front of the Judge for certain motions or objections that may arise, but you do not need to attend.So do I have to go to court at all for my bankruptcy?Yes. One time during your bankruptcy you are required to appear in front of a trustee who has been assigned to your case.

What happens if I get behind on mortgage payments while I am in a Chapter 13?You made the decision to file a bankruptcy and decided to keep you home. You file a Chapter 13 and are making your mortgage payments and your Chapter 13 plan payments as scheduled. Something comes up and you get several months behind on the post-petition mortgage payments. Now what? Several things will happen…First is that the attorney for the mortgage company will likely contact your attorney let you know that payments are delinquent.

What is a wage order and what are the benefits?A wage order in a Chapter 13 is where a portion of your Chapter 13 plan payment is automatically deducted from your paycheck by your employer. Your employer then sends the money directly to the trustee.If you are paid bi-weekly then the monthly payment will be prorated. For example, if your Chapter 13 plan payment is $300 then $138.46 would be taken out of each paycheck.Benefits to wage order:                                       

• Presumed current if less than 10 days late

By Mary Ann Pekara
Detroit filed for Chapter 9 bankruptcy protection in U.S. Bankruptcy Court in the Eastern District of Michigan today.
Detroit will now enter into a 30-90 day period to determine whether or not the city is eligible for Chapter 9 protection and all creditors will have an opportunity to fight for who will get a piece of the $18.5 billion debt.

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 18, 2013 Once Listed For $125 Million, The Versace Mansion Heads To Bankruptcy Auction Detroit files for bankruptcy protection Real Housewive’s  Peggy Tanous’ Fake Marriage, Claims She’s Divorced In Bankruptcy Filing

This is a common question among debtors who either don’t own their home, or are still making mortgage payments.  Some homeowners worry about what will happen to their house when they file bankruptcy.  It helps to understand your options prior to filing based on your unique situation. In most cases, debtors end up keeping their [...]

I get this complaint all the time:  “My mortgage company is not reporting that I am paying my mortgage payment on time each month because I did not reaffirm their loan.”