When a debtor decides to file for Chapter 13 bankruptcy there is process they must follow. Below we break down the Chapter 13 bankruptcy process into seven simple to understand steps. Step 1: First discuss with your bankruptcy attorney all of your bankruptcy options, including Chapter 7 bankruptcy. Although Chapter 13 bankruptcy is a viable form [...]
Tip #1 - Make sure your business and personal finances are separate before you file bankruptcy. Take an effort to keep track of your business expenses and income while simultaneously keeping your private finances in order before you bankruptcy filing. Tip #2 - Work with an accountant if necessary to calculate what your monthly income [...]
Saving your home from foreclosure is a very real possibility, even if your income is small and fixed. But for many homeowners battling foreclosure with Chapter 13 bankruptcy, maintaining payments and keeping their home can still be a struggle a recent study revealed. Foreclosure Listing Service in Addison analyzed post-bankruptcy cases of homeowners in 60 [...]
Bankruptcy and Rental Property Holding rental property when filing bankruptcy can impact your "means test" and your post-bankruptcy fresh start depending on the circumstances surrounding that property. Let's take a look at a few scenarios: If you have a rental property with a paying tenant, the rent received will be counted towards your income. This [...]
Most debtor/homeowners facing foreclosure and considering bankruptcy are significantly delinquent on their mortgage payments. But whether you're 1 month behind on your mortgage payment or 6 months behind, Chapter 13 bankruptcy can help you catch up with your payments and return your mortgage to good standing. Here's how it works: When you file bankruptcy you [...]
When a debtor files Chapter 13 bankruptcy, he/she, along with the bankruptcy attorney and trustee will work together to determine how much the debtor will pay creditors and for how long. A Chapter 13 bankruptcy can last anywhere from three to five years. All creditors who filed claims in the bankruptcy court are lumped together [...]
One of the biggest fears of debtors filing Chapter 13 bankruptcy is that they will lose their job during the 3 to 5 year repayment plan. Fortunately, debtors who lose their job during a Chapter 13 bankruptcy still have options: Job Loss During Chapter 13 Bankruptcy Options Dismiss the Chapter 13 Bankruptcy Case Most debtors [...]
Debtors who file Chapter 13 bankruptcy are often doing so with young children and teens. While cutting back on expenses and sticking to your bankruptcy repayment plan can be challenging when you're not accustomed to sticking to a budget, it can be even more difficult for teens. Here are a few tips on how parents [...]
A Chapter 13 reorganization can be your fresh financial start, so make sure to avoid things that might cause the plan to fail. If you use Chapter 13 bankruptcy the right way, you'll end up with a repayment plan that will be easy to manage, and you'll be freed from struggling month to month. Below [...]
Can You Sell Your House While in a Chapter 13? If you have fallen behind on your mortgage payments and want to stop foreclosure on your home, you might be wondering whether you can sell your house while in a Chapter 13 bankruptcy. The answer is yes, but there are a few things you need to [...]
