By Jeff Field | Published December 9, 2024 | Posted in Chapter 13 | Tagged Tags: bankruptcy, chapter 13, disposable income | Leave a comment
How Disposable Income is Calculated in a Chapter 13 Bankruptcy
Homeowners and others who have a steady income but have fallen behind on their financial obligations frequently file for Chapter 13 bankruptcy. This form of debt relief offers individuals the chance to stop harassment from creditors and catch up on what they owe based on a schedule lasting three or five years. Under Chapter 13, Read More
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Why Bankruptcies Are So Common Among Retired Professional Athletes
It’s no secret that numerous professional athletes earn significant salaries during their careers, with annual pay often reaching into seven, or even eight, figures. However, studies reveal that a surprising number of athletes face serious financial difficulties after retirement, with many filing for bankruptcy within just a few years of leaving the field. While we Read More
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Researchers Work to Reduce Bias in Bankruptcy Proceedings
Bankruptcy can be life-changing for people who are held back by debt that they are unable to repay without some help. Every person who legally qualifies for bankruptcy protection should be able make a fresh financial start. Unfortunately, researchers at MIT have found that bias on the part of trustees might be preventing some Black Read More
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Data Shows the Types of Household Debt Contributing to Bankruptcies in 2024
Burdensome debt is a reality for many American households. This is particularly true in Georgia, which has had one of the five highest bankruptcy rates in the United States over the past couple of years. Several types of household debt impose financial pressure on individuals and families. Understanding the specific obligations that threaten your well-being, Read More
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Potential Changes to Bankruptcy Law in 2025
Though the general purpose of bankruptcy protection remains the same, lawmakers and others frequently look for ways to make the system work better for debtors and creditors. Disruptions caused by the COVID-19 pandemic and concerns about the treatment of student loan debt have set the stage for several potential changes to bankruptcy law. With Americans Read More
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What Is Considered During a Chapter 13 Feasibility Analysis?
For many people who have fallen behind on what they owe, a Chapter 13 bankruptcy seems like the right solution. This is particularly true for those who are earning a steady income, but can’t catch up after a financial setback, such as a divorce, accident, medical crisis or temporary job loss. Instead of discharging nonexempt Read More
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How Bankruptcy Can Affect the Divorce Process
Financial difficulties often go hand-in-hand with marital problems. Going through both a bankruptcy and a divorce at the same time can be an overwhelming experience, as both legal processes involve major financial and emotional transitions. Handling them together adds complexity, but effective legal guidance can help protect your interests and keep you away from potential Read More
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Discharging a Personal Loan Through Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy can offer significant relief to individuals overwhelmed by debt. However, if you’re considering taking this step, you should first discuss your situation with an experienced bankruptcy lawyer. There are numerous different types of debts, some of which can be discharged in a Chapter 7 proceeding, and others which cannot. Before Read More
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Can You Keep Your Cell Phone if You File for Bankruptcy?
For must of us, our cell phone is an essential part of our daily lives. Even if we wish we spent a little less time checking them, these devices keep us in touch with others, while also providing information and entertainment. When someone is facing severe financial hardship, they might want to eliminate their nonexempt Read More
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What Documents Do You Need to Create a Chapter 13 Repayment Plan?
Even if you’re earning a steady income, you might find yourself sinking deeper into debt because what you take home cannot keep up with what you owe. Often this occurs when someone did not work for a period of time, or when they incurred an unexpected expense due to a medical condition, auto accident or Read More
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