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Bankruptcy Insights

Bankruptcy Attorney Brian Barta > Bankruptcy Insights

How to Get Free of Credit Card Debt

Become free of credit card debt!

A new study released Wednesday, June 22nd found that Americans are saddled with ballooning credit card debt and are likely to end 2016 with a record high $1 trillion in outstanding balances. That will be the highest amount of credit card debt on record, surpassing even the years during and before the Great Recession. The record high was in 2008, when people owed $984.2 billion on their credit cards.  So after a couple of years in which consumers were being more frugal and working on paying off credit card balances, they have used cards at an ever-increasing rate.  Importantly, people have...

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Strip Second Mortgage

Strip a second mortgage

The ability to strip off a second mortgage in bankruptcy is one of the most powerful tools bankruptcy law provides. In a Chapter 13 bankruptcy you can strip off, or avoid, a second mortgage, home equity line of credit, or other junior lien and never owe a penny on that debt again. That means your obligation to pay back that second mortgage is permanently discharged, i.e. wiped out. The second mortgage lender can never try to collect from you after the Chapter 13 case is done. Also, and equally important, the lender must re-convey the second deed of trust...

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Mortgage Modification In Bankruptcy

Mortgage modifications in bankruptcy at Law Offices of Brian Barta

For several years now, at least since the real estate market downturn in 2006, homeowners have struggled to modify their underwater mortgages. Most homeowners have failed at successfully obtaining a modification because home loan lenders initially weren’t set up to do modifications. Mortgage lenders would represent to borrowers that the various programs were available, but in fact getting a modification was nearly impossible. Borrowers applied through the Keep Your Home California program, the HAMP program, the HARP program, and other government sponsored or instituted modification systems, but the lenders did not have the staff, resources, or desire to...

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Can You Get Rid Of Student Loans In Bankruptcy?

Student loan debt

Can you get rid of student loan debt in bankruptcy?  This is a common question asked of bankruptcy attorneys for the simple reason that Americans owe an estimated two trillion dollars in loans incurred for schooling.  If you are one of those people who went to college and ended up owing $10,000, $20,000, $30,000 or even more to Sallie Mae or another student loan lender, you know how difficult it can be to survive financially.  Paying back student loans can be nearly impossible especially when career jobs are difficult to find, the degree you earned may not be in demand,...

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If I File For Bankruptcy Do I Get To Keep My Property?

Stop foreclosures.

One of the first and most frequently asked questions I get as a Sonoma County Bankruptcy Attorney is, “If I file for bankruptcy do I get to keep my property?”  Clients are understandably anxious about losing their car and not being able to get to work, or even more importantly, they want to make sure their home will be safe.  Clients often have substantial retirement accounts that they absolutely cannot lose. Short Answer: Yes The short answer and the good news is, “Yes, you can keep your property if you file for bankruptcy.”  In fact, in the most common type of bankruptcy...

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