Bankruptcy Cannot Eliminate All Debt.

Filing for bankruptcy gets rid of most, but not all types of debt. A Chapter 13 bankruptcy can get rid of more types of debt than a Chapter 7 bankruptcy but neither is guaranteed to clear all debt. Debt that cannot be gotten rid of is called “non-dischargeable” debt. Below is a description of the most common non-dischargeable debt. Non-dischargeable Debt (for both Chapter 13 […]

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Understanding Construction Insurance

Before getting involved with a contractor, it is important that you make sure that contractor is insured. However, the statement that a contractor is “insured” is a vague phrase and what really matters is the type of insurance and the language of the policy. Below is a brief primer: Commercial general liability insurance policy – This is the most common form of business insurance. The […]

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Reducing Mortgages and Car Loans during Bankruptcy

Filing bankruptcy eliminates unsecured debt and can even eliminate personal responsibility for secured debts (i.e car loans and mortgages) but it cannot eliminate liens. In other words, it generally doesn’t stop a lender, who you have signed an agreement with pledging your car or house as collateral (i.e. mortgages and car loans), from selling your car or house to pay its debt. However, there are […]

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