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If you have a house that is worth less than what you owe to the mortgage company, you could certainly surrender the property as part of a bankruptcy proceeding whether it is a Chapter 7 or a Chapter 13.

If you file a Chapter 7 there would be nothing to stop a credit card company from suing your parents as co-signers as they are responsible for the account, just as you are. The bankruptcy would take care of your liability on the debt and would discharge it, but it would not have any impact on the relationship between your parents and the credit card company (they would still owe the money). 

Even if you have a bankruptcy that is ongoing, it will not necessarily prevent you from buying a house, and it certainly will not stop you from renting an apartment. It also won’t stop you from getting a credit card, because you can always get a secured credit card. Finally, it will not prevent you from buying a car.

I owe the Department of Motor Vehicles more than $10,000 in surcharges and, as a result, my license is revoked. If I file a bankruptcy, can I get my license back?

I recently filed a Chapter 13, unfortunately I am not sure if my attorney did what he was supposed to do. In any event, my mortgage company has started to foreclose on my property. My question is, am I able to file for another Chapter 13 despite the fact that I did one recently in order to save my home?

We received the following question from a user:

I received an offer from a creditor, the settlement amount is 40% of the total owed. Is there any way to get the creditor to remove the “charge off” (from my credit report) that they have already done on my account and replace it with “settlement/balance resolved/delinquent?

We received the following question from a user:

I fell behind on my mortgage payments due to unforeseen family circumstances. The mortgage company has been horrible. The house needs a lot of work. I can’t make the repairs and make the repayment they want me to make to catch up monthly. The mortgage company told me there is no special arrangement that I qualify for in order to either recast my loan or catch up on the payments. Can I file a Chapter 7 and walk away from this debt?

Filing a bankruptcy is a big decision and it can be a little overwhelming. We've put together this list of all the important things you need to know so that you can make your decision with all the facts in 2015.

Types of Bankruptcy

Being the victim of credit fraud is a nightmare. It often seems like there’s no way out. The creditors may treat you as if you are lying to them about the fraud, and will seldom correct the situation without strenuous efforts on your part.