By Jeff Field | Published May 15, 2023 | Posted in Bankruptcy, Chapter 13 | Tagged Tags: conversion to Chapter 7, repayment default, voluntary dismissal | Leave a comment
In a Chapter 13 bankruptcy, you agree to pay off a portion of your outstanding debts over a designated period of time. But many things can happen during the three or five years that a Chapter 13 plan is in place. A job loss, severe illness or other unexpected calamity can disrupt even the best Read MoreRead More
Bankruptcy is designed to give debtors a fresh start with their finances. Most people who file for bankruptcy do so only once. However, some debtors find it necessary to file bankruptcy petitions twice or more. While technically there are no limits on the number of times you can seek bankruptcy protection, there are prohibitions and Read MoreRead More
Filing for Chapter 13 means committing to a debt repayment plan that typically runs for three or five years. The amount you pay each month is determined at the time the court approves the plan, based on a calculation of the disposable income you have left after paying for food, housing, utilities and other costs Read MoreRead More
One of the common myths about bankruptcy is that it permanently ruins your credit. But the opposite is true for Chapter 13. While this type of bankruptcy appears on your credit report for seven years after the date of filing, it can serve as a springboard for rebuilding your credit. In fact, you can start Read MoreRead More
In many areas of the country, people need a car to commute to their jobs, get groceries and attend to other life activities. In such circumstances, the prospect of having a vehicle repossessed may be a disaster second only to losing a home to foreclosure. Fortunately, a Chapter 13 bankruptcy offers a variety of potential Read MoreRead More
People having serious debt problems may be able to reorganize their financial affairs using Chapter 13 bankruptcy. Chapter 13 allows a qualified debtor to restructure debts and repay some of the outstanding balances over a set period of years. Only an individual can file Chapter 13 bankruptcy. Businesses must resolve their debt problems by other Read MoreRead More
In a Chapter 13 Bankruptcy, also known as reorganization, the debtor agrees to a court-approved plan to repay a portion of his or her outstanding debts. Eligible creditors are paid specified amounts over the life of the plan, which is three to five years. However, in devising Chapter 13 plans, there are many opportunities for Read MoreRead More
Chapter 13 is a form of bankruptcy in which unsecured debts are partially paid off over a period of years, with the remainder discharged once the case is complete. However, most Chapter 13 cases involve one or more secured debts, which remain in force. For example, a home mortgage loan is secured by a lien Read MoreRead More
If you’re in deep debt and are considering filing for bankruptcy, you may be concerned about what will happen to the vehicle that you rely on for getting to and from work and for other necessary travel. If you’re steadily employed but besieged by creditors, a Chapter 13 bankruptcy allows you to restructure your debts Read MoreRead More
Lear how to obtain a mortgage loan modification as part of Chapter 13 Bankruptcy Chapter 13 bankruptcy may be used as an effective means of preventing foreclosure, allowing you to keep ownership of your home while repaying mortgage arrears over time. However, the mortgage remains in force, so you will be required to continue making Read MoreRead More
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