Debtors who file for Chapter 13 bankruptcy are placed on a payment plan based on their income and expenses. If that income increases, the plan may change; but if it is only a small temporary increase it is unlikely the Chapter 13 bankruptcy would be affected. Let's take a closer look: Debtors in Chapter 13 [...]
Filing Chapter 13 Bankruptcy There are two chapters of bankruptcy commonly used by individual debtors, Chapter 7 and Chapter 13 bankruptcy . Although many debtors with no assets file Chapter 7 bankruptcy , there are many debtors who need to file Chapter 13 bankruptcy and enter into a repayment plan to save their assets. Let's [...]
When discussing "unsecured" debt most debtors are speaking of credit card debt . But unsecured debt could also include a personal loan, loans from friends/family, unpaid rent etc. Basically, unsecured debt is any debt that is not attached to some type of property. Unsecured creditors do not have the right to seize a debtor's property [...]
When a debtor files Chapter 13 bankruptcy he/she is required to repay all or a portion of his/her debt over the course of 3 to 5 years. While in Chapter 13 bankruptcy, a debtor is prohibited from taking actions such as: Selling or "getting rid of" property without the approval of the bankruptcy court. For [...]
If a debtor decides to file Chapter 13 Bankruptcy, it is important that they create an accurate budget that accounts for all of the expenses and income. Chapter 13 bankruptcy requires the debtor to make monthly payments to the bankruptcy court every month for 3 to 5 years and if the debtor fails to follow [...]
In the Chapter 13 bankruptcy case of Rodriguez, Jose H. and Irene M.; In re (Rodriguez v. Select Portfolio Services Inc.), the bankruptcy court sanctioned the debtors, ordering them to pay the creditor's attorney's fees for failing to respond to discovery requests and requests for admission in a timely matter. . The details of the [...]
For those debtors considering Chapter 13 Bankruptcy , it is important that you create a clear, feasible plan to repay your debts within the prescribed time period. Sometimes, a bankruptcy trustee or judge will disapprove a Chapter 13 bankruptcy plan because of feasibility issues. When a bankruptcy court says that a Chapter 13 bankruptcy plan [...]
In the Chapter 13 Bankruptcy case Everetts, Bradley R. and Ruby J.; In re the debtors' objection to a creditor's proof of claim as a secured creditor is rejected by the bankruptcy court. The details of the bankruptcy case: The debtors financed an in-ground pool kit and defaulted on the debt. When the debtors filed [...]
In the Chapter 13 Bankruptcy case (Schafer, Frances L.; In re,) a debtor who had already paid significantly into a Chapter 13 Bankruptcy plan suffers a dismissal because she fails to make enough money to repay her debts in the proposed plan. The details of the Chapter 13 bankruptcy case: The debtor, who worked on [...]
This Chapter 13 bankruptcy (Burbank, Edward J. and Donna M.; In re) which allowed debtors to deduct ownership expenses on a vehicle they owned clear and free of a car loan, may be good news for other above-median income debtors filing bankruptcy. The details of the Chapter 13 Bankruptcy case: The Chapter 13 trustee objected [...]