By Jeff Field | Published October 15, 2022 | Posted in Chapter 7 | Tagged Tags: bankruptcy exemptions, chapter 13, equity, hapter 7, trustee | Leave a comment
Most Georgia bankruptcy filers prefer taking the Chapter 7 route because it results in discharging outstanding debts while allowing debtors to keep most or all of their property. However, you shouldn’t assume Chapter 7 is the right fit for you. There are several factors to consider first, including your income, your expenses and whether you Read MoreRead More
Some people facing uncomfortable financial burdens might look to debt consolidation as an alternative to filing for bankruptcy, perhaps out of fear that bankruptcy will ruin their credit rating. However, debt consolidation has its own disadvantages that might make it a poor choice in many situations. Bankruptcy can be a better option if, for instance, Read MoreRead More
Individual debtors who want to take advantage of bankruptcy law to reduce or wipe out their debt burden have two options. One is Chapter 13 bankruptcy, which is designed for debtors who don’t want to sell off their property to pay off their creditors but instead want to make repayment of their debts more manageable. Read MoreRead More
If a family member or close acquaintance has agreed to cosign on a loan or credit account for you, they are liable for the full amount due. That means the creditor can seek repayment from your cosigner even if you seek bankruptcy protection. In deciding how to proceed, you need to consider the effect of Read MoreRead More
Unmanageable debt due to medical expenses is a major reason why Americans fall into financial hardship. If you’re in this situation, you might not even be able to afford health insurance, with the result that your medical bills continue to mount. Filing for bankruptcy can alleviate your economic burdens and offer you a fresh start. Read MoreRead More
If you’ve had a serious illness or injury requiring extensive treatment, bills can quickly add up. In addition, you may be unable to work during the course of your recovery, which can compound your financial woes. If you cannot make the minimum payments on your medical bills and they continue to accumulate, you might consider Read MoreRead More
If 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 MoreRead More
Foreclosure 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 MoreRead More
Can 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 MoreRead More
Chapter 13, also known as a “wage earner’s plan,” is a popular alternative to traditional bankruptcy for people who simply need breathing room to deal with crushing debt. Chapter 13 bankruptcy allows debtors to keep their possessions and pay back creditors a percentage of their arrearages over a period of three to five years. What’s Read MoreRead More
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