With the recent drastic drop in home values, “lien stripping” can be one of the most useful tools available to debtors in a Chapter 13, who are “underwater.”  At the end of 2010, it was estimated that 10.8 million or 22.5% of all residential mortgages in America were in negative equity or “underwater.” In Virginia, a Chapter 13 [...]

I had a consultation with a client recently to discuss refiling his Chapter 13.  The individual was in a Chapter 13 for one year before losing his job and falling behind on his Chapter 13 Plan Payments.  After he fell behind on his plan payments the Chapter 13 Trustee filed a Motion to Dismiss for Failure [...]

When it comes to filing bankruptcy, the vast majority of people assume a Chapter 7 is the best option; however, there are many reasons why filing a Chapter 13 is the better option and sometimes the only option. 1. You need to stop a foreclosure, respossession or garnishment. When you file bankruptcy your creditors must [...]