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How to Manage Your Finances During Your Chapter 13 Bankruptcy

Chapter 13 is a type of bankruptcy that allows you to gain protection from creditors while repaying a portion of your outstanding debt monthly over an extended period of time. For the three- or five-year duration of the repayment plan, the court allows you a set amount to live on and a court-appointed trustee divides Read More

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Pros and Cons of Reaffirming a Debt in a Chapter 7 Bankruptcy

A Chapter 7 bankruptcy offers a fresh start by relieving a debtor of most or all financial obligations to creditors. Although non-exempt property can be liquidated during the process, there may be some property the debtor wants to keep, such as real estate or a vehicle. Reaffirming a debt on such property can be a Read More

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What Is the Trustee’s Role in a Chapter 13 Bankruptcy?

Chapter 13 is a type of bankruptcy relief that affords individuals protection from creditors as long as they pay off a portion of their outstanding debts over time according to a court-approved plan. The plan is supervised by a trustee, who acts as the court’s overseer throughout the process. The trustee plays a pivotal role Read More

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Limits on Discharging Credit Card Debt in Bankruptcy

When you file for bankruptcy, the outstanding balances on your credit cards are treated as unsecured debts. That means they are usually discharged completely in a Chapter 7 and only partially repaid in a Chapter 13. However, there are circumstances in which credit card debt is ineligible for discharge, depending on the amount and why Read More

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Misconceptions that Deter People from Seeking Bankruptcy Relief

Bankruptcy is a remedy designed to give people in financial trouble a path to a fresh start. It carries no penalties as long as a debtor pursues it honestly and in good faith. However, many people are still reluctant to file for bankruptcy, often out of fear that it carries a stigma that will affect Read More

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Is it Better to Take on a Three-Year or a Five-Year Chapter 13 Plan?

Chapter 13 is a form of bankruptcy meant for people who, despite being in financial straits, have the resources to repay at least a portion of their outstanding debts over time. Those debts are discharged only after the debtor completes a court-approved repayment plan that lasts three or five years. Which time period applies depends Read More

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Can Filing for Bankruptcy Stop Utility Companies From Shutting Off Services?

Facing an impending utility shut-off due to unpaid bills can be a daunting prospect. Electricity, gas, water and telephone are essential services, and loss of them can affect your health and security. Utility debts usually reach this state of emergency as part of a larger financial crisis. Fortunately, bankruptcy can provide a temporary reprieve and Read More

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How Soon After Filing a Bankruptcy Can You File a Second One?

Bankruptcy is a legal process designed to help individuals and businesses overcome overwhelming financial difficulties by providing a fresh start. For individuals, the two most common forms of bankruptcy are Chapter 7 and Chapter 13. While these chapters serve similar purposes, they differ in their approach towards debt resolution and in their allowance of second Read More

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What Are the Most Common Grounds for Adversary Proceedings in Bankruptcy?

Bankruptcy proceedings serve as a legal mechanism for debtors to obtain relief from overwhelming financial obligations, allowing them to reorganize their debts or liquidate their assets for the benefit of creditors. Ideally, a bankruptcy case proceeds without contention, but when disagreements arise, the bankruptcy code provides a forum for resolving them, known as an adversary Read More

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Using the Redemption Option to Keep Your Car in a Chapter 7 Bankruptcy

Chapter 7 bankruptcy allows individuals to obtain a fresh start by discharging most of their debts while liquidating their assets to pay off creditors. However, there are ways that debtors can shield a substantial amount of their assets from liquidation. One of these is the redemption option. A debtor can keep a financed car by Read More

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