Myths and Truths About Chapter 13 Bankruptcy, Part III
Myth:  A debtor can only file a Chapter 13 bankruptcy if they are trying to save a house from foreclosure or a car from repossession.

There is a common misperception that debtors cannot purchase or sell any property while in a chapter 13 bankruptcy.  That simply is not the case.  However, you will need permission from the court to complete any purchase or sale. 

I'll be 60 years old this year - a true flower child at heart.  Love, Peace, Equal Rights.  And as my generation grew up we lived those values and life slowly changed.  Something's happened - there's been a shift and in my opinion an ugly shift.  It's like all the small-minded Americans banded together with the goal of homogenizing America.   When did the right to personal freedom end and when did religion (your religion) have the right to rule this country -me?  When did it become OK for personal relationships to be judged as good or bad - appropriate or inappropriate?

If you are considering filing for bankruptcy and meet with an attorney he/she will likely determine whether you are under or over median income  Individuals at or below median income for their family size can file a Chapter 7.  If you are over median income you must file a Chapter 13 Bankruptcy.

If you have run into financial problems and are unable to pay credit card payments you probably expect to hear from the bank. What you don’t expect is to be sued by a company that you never heard of.  It is probably a debt buyer.  This is becoming  common.

The emerging trend, according to a recent CNN Money article, is that the economy has tanked to the point people can't even afford to file for bankruptcy.

The emerging trend, according to a recent CNN Money article, is that the economy has tanked to the point people can't even afford to file for bankruptcy.

Naturally we worry about how filing bankruptcy will affect those we care about.  It is common for a parents to have a car, bank account, even a house, in their names because their daughter or son needed help to buy the car, get a bank account, or qualify for the house.

Many people find themselves in a tough position when they’ve fallen behind on their mortgage payments and are unable to make them up. They try to negotiate with the mortgage company, enter into a loan modification, or some even try to borrow the money from friends or relatives.

By: Marshall G. Reissman Bankruptcy Attorney in St. Petersburg, Florida at The Reissman Law Group, P.A.