By Jeff Field | Published June 30, 2022 | Posted in Chapter 13 | Tagged Tags: loan modifications, repayment plan | Leave a comment
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 More
Read MoreIf 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 More
Read MoreLear 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 More
Read MoreOne of the chief benefits of a Chapter 13 bankruptcy is the ability to shield your home from mortgage foreclosure. But what if you have a second or third mortgage or a home equity lien on the same property? Through a process known as lien stripping, you may be able to reduce or eliminate those Read More
Read MoreIf you’re experiencing burdensome debt but are skittish about declaring bankruptcy, Chapter 13 is an alternative that may be right for you. Unlike a Chapter 7 bankruptcy — in which many of your debts may be discharged but at the cost of losing much of your property — Chapter 13 allows you to pay off Read More
Read MoreForeclosure of your family home can be devastating. If you’re struggling to keep up with mortgage payments or the lender sent you a foreclosure notice, you may be able to save your home by filing a petition for Chapter 13 bankruptcy. Critically, once a Chapter 13 petition has been filed, an automatic stay goes into Read More
Read MoreCan IRS debt be discharged in chapter 13? The general rule in bankruptcy is that tax debts are not dischargeable. While a Chapter 13 repayment plan can stagger repayment of taxes over a three- to five-year period, it cannot wipe out all tax debts. However, there are exceptions. The test for dischargeability is whether a Read More
Read MoreChapter 13 is a court-approved restructuring of debt that requires you to commit to a repayment plan that will last for three to five years. However, the plan you propose is not effective until the bankruptcy judge approves it after a confirmation hearing, at which creditors and/or the appointed bankruptcy trustee can raise objections. The Read More
Read MoreIs Chapter 13 bankruptcy available to protect a person who is behind on child support or alimony payments and has been jailed or is facing an attempt to jail him or her? State court judges have the power to sanction a person for contempt of court for failing to comply with state court Orders requiring Read More
Read MoreBankruptcy can be a difficult bridge to cross but the benefits of the financial freedom it provides are usually well worth the risk. Many Debtors opt for the “fresh start” that Chapter 7 bankruptcy affords. However, there are numerous situations where a Chapter 13 bankruptcy is more appropriate, or even necessary. If a debtor is Read More
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