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Strip Off Junior Mortgage in Chapter 7?

The United States Supreme Court yesterday ruled that someone in chapter 7 bankruptcy cannot “strip off” a second or junior mortgage even if there is no value in the property securing the mortgage. An article about the case is available here.  Those of you...
Series: What is Schedule E Priority Claims?

Series: What is Schedule E Priority Claims?

Schedule E of the Bankruptcy Petition lists Priority Creditors. Priority Creditors are special unsecured creditors that still usually will get paid even though they are unsecured. The priority creditors that come up in most cases are domestic support obligations and...
Series: What is Schedule D, Secured Creditors?

Series: What is Schedule D, Secured Creditors?

Schedule D is where we list your secured creditors, the collateral securing each of those debts, and the amounts owed on each of those debts. Creditor, as you may know, means the person or company that you owe money to.  Secured creditor basically means you had to...
Series: What is Schedule C?

Series: What is Schedule C?

Schedule C lists your personal property and what exemption, if any, you are claiming on each piece of personal property. Exemptions are dollar amounts of certain types of property that the law says should be protected from your creditors. Exemptions are state...

Chapter 13 Funds On Hand at Conversion

So you filed chapter 13 bankruptcy but later decide to convert your case to a chapter 7 case. What happens to the money that the chapter 13 trustee is holding in your chapter 13 account? Before now there was a difference of opinions among chapter 13 trustees, and...
Series: Form 6 of the Voluntary Petition

Series: Form 6 of the Voluntary Petition

Form 6 is called the Statistical Summary of Certain Liabilities and Related Data and Summary of Schedules.   As you know, the law requires you to tell the Court everything about everything, and because that detail takes up lots of pages, the law also requires that we...
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