Mortgages and Bankruptcy

COVID and Bankruptcy - Your Questions Answered

In today's episode of Ask Corey, Corey Carpenter of Carpenter Law answers your questions about COVID and bankruptcy. 2020 is finally behind us. It's a New Year, which means a fresh attitude and fresh start when it comes to beating back the coronavirus - and your debt!As mentioned in previous episodes, bankruptcy is a right, not a stigma, and Carpenter Law's mission statement is to Build Lasting Relationships One Client At A Time. Listener Michelle works downtown at LCA, and barely avoided bankruptcy last year. She wants to know what legislation may be on the way in 2021 that may help her. Corey explores. Matt in Southfield says he's drowning in bills every month. He needs help deciding which ones to prioritize.  Corey explains the difference between secured and unsecured debt. Terry in Royal Oak is a small business owner who is facing mounting debt. Corey walks her through steps she can take now, as well as what information a free consultation at Carpenter Law can provide. To Contact Corey at Carpenter Law: Website: https://mycarpenterlaw.com/ [https://mycarpenterlaw.com/] Email: CoreyCarpenter@mycarpenterlaw.com [CoreyCarpenter@mycarpenterlaw.com] Text or call: (248) 327-7817 Carpenter Law on Facebook: https://www.facebook.com/Carpenter-Law-346528772709045 [https://www.facebook.com/Carpenter-Law-346528772709045]

How Do I Keep My Property While Filing For Bankruptcy?

The Bankruptcy Code provides exemptions for a debtor’s property.   In a nutshell, this means that a debtor has, at least, a limited right to shield his or her property from their creditors.   This includes the right to protect your household goods and furnishing, wardrobe, vehicles, retirement plans, as well as your house. There are differences between Chapter 7 and Chapter 13 bankruptcies for consumers-and there are exemptions in each particular Chapter. Bankruptcy exemptions are not unlimited. Because they are not unlimited, bankruptcy can often require precise planning-when to file, and which exemptions to claim, depending on what your overall debt relief goals are. Contact Corey Carpenter: Carpenter Law Website: https://mycarpenterlaw.com [https://mycarpenterlaw.com/about-us] Email: coreycarpenter@mycarpenterlaw.com [coreycarpenter@mycarpenterlaw.com] Call or text: (248) 327-7817

Protecting Your Retirement and Bankruptcy

The First thing Corey Carpenter tells people considering ways to stay out of bankruptcy is: DO NOT dip into your retirement unless it is the absolute last option that is available to you. There may be tax consequences if you do so! As a general rule, employer sponsored retirement plans (and even rollover accounts from such plans), are 100% exempt in bankruptcy, regardless of what type of bankruptcy you file. The goal of bankruptcy is to give you a financial fresh start for your future.  And in that future, you will absolutely need your retirement; and you should be able to keep it into your retirement years. In many instances, provided there’s a history of consistent contributions to an employer sponsored retirement plan, you can continue to do so even while going through bankruptcy. Contact Corey Carpenter: Carpenter Law Website: https://mycarpenterlaw.com [https://mycarpenterlaw.com/about-us] Email: coreycarpenter@mycarpenterlaw.com [coreycarpenter@mycarpenterlaw.com] Call or text: (248) 327-7817

Mortgages and Bankruptcy

In the era of Coronavirus, consumers are falling behind in mortgage payments because of COVID-related layoffs. Lender-offered forbearances are attractive, but can also be a trap - they may only provide temporary relief! One option to resolve a mortgage default is a Chapter 13 Bankruptcy.  This will allow you to cure your mortgage default, while under the protection of the bankruptcy laws. Chapter 13 also has the added benefit, in some circumstances, to allow additional time to pursue other lender-offered mitigation options, such as a loan modification, while not fearing that your home may be foreclosed upon. In some instances, subordinate mortgages can be completely “stripped” from your property and discharged, depending on the value of your home at the time you file bankruptcy. Contact Corey Carpenter: Carpenter Law Website: https://mycarpenterlaw.com [https://mycarpenterlaw.com/about-us] Email: coreycarpenter@mycarpenterlaw.com [coreycarpenter@mycarpenterlaw.com] Call or text: (248) 327-7817

Student Loans and Bankruptcy

The student loan crisis in this country sits, at last check, at $1.7 trillion dollars. Many borrowers are in default or unable to pay. Many students come out of school with not only huge student loan debts, but also huge credit card debts, which they used to survived during college. Student loans used to be dischargeable like any other debt, now the default is that no educational loans are dischargeable, based on some loopholes in the previous system. Corey and Jon look at the Undue Hardship Exception:- what does it mean and how have different courts interpreted & applied it? What can bankruptcy do for you and your student loans if you can’t discharge them? It can help mitigate other debt and bring education lenders to the bargaining table. In this episode, we also look at: * Student loans and non-bankruptcy options * Federal loans-income based repayment options and/or disability discharges. * The Future of student loans in bankruptcy proceedings Contact Corey Carpenter: Carpenter Law Website: https://mycarpenterlaw.com [https://mycarpenterlaw.com/about-us] Email: coreycarpenter@mycarpenterlaw.com [coreycarpenter@mycarpenterlaw.com] Call or text: (248) 327-7817