What You Should Know AboutBankruptcy

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What you should know about Bankruptcy before you consider this as an option:

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Keep in mind that BANKRUPTCY does NOT get rid of your Mortgage debt.

• Bankruptcy can wipe out your personal obligation, but not the right of the bank (through its lien) to foreclose. • If a foreclosure auction does not bring enough money to pay off the mortgage, there is a deficiency.

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What other debts Bankruptcy may not eliminate for you:

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Child support and alimony obligations.

• Child support and alimony obligations survive bankruptcy - you will continue to owe these debts in full, just as if you had never filed for bankruptcy. • And if you use Chapter 13, your plan will have to provide for these debts to be repaid in full.

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Wipe out student loans, except in very limited circumstances.

• Student loans can be discharged in bankruptcy only if you can show that repaying the loan would cause you "undue hardship," a very tough standard to meet. • You must be able to show not only that you cannot afford to pay your loans now, but also that you have very little likelihood of being able to pay your loans in the future.

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Eliminate most tax debts.

• Eliminating tax debt in bankruptcy is not easy, but it is sometimes possible for older debts for unpaid income taxes. • There are many requirements to be met.

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Chapter 7 Bankruptcy involves selling all of a debtor’s non-exempt property and using the proceeds to pay off their unsecured creditors, such as credit card companies and collection agencies.

• This type of bankruptcy has the most severe impact on your credit, staying on your personal records for 20 years and your credit report for 10 years.

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Chapter 13 Bankruptcy, works by setting up the debtor on a payment plan where their debts are paid off over a period of three to five years. • The payments come from the debtors disposable income (money after taxes and necessary expenses). • Since the monthly payment can be quite high for this type of bankruptcy, many consumers are never able to complete it and end up still owing their debt.

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9740 S. McCarran Blvd #103, Reno, NV 89523

Contact MARSHALL CARRASCO

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