What You are Obligated to Pay During Chapter 13 Bankruptcy Chapter 13 bankruptcy is a repayment plan that helps reorganize outstanding debt. The purpose of this filing is to create a payment plan that will help you handle debt over a certain time period. There are guidelines that should be met upon filing including meeting [...]
If you are in a Chapter 13 bankruptcy and you experience any reduction in your income, you may be able to file Chapter 7 bankruptcy under certain circumstances depending on your qualifications. There is a means test that can be taken to determine eligibility. The procedure for converting chapters may vary depending on what jurisdiction [...]
Advantages of a Chapter 13 Bankruptcy Many people feel that Chapter 7 bankruptcy has more advantages since it is known to give consumers a fresh start by discharging outstanding debt whereas a Chapter 13 bankruptcy allows you to reorganize your debt with a repayment structure over a three to five year period. But what some [...]
Chapter 13 bankruptcy provides protection against further collection action and allows for debts to be restructured into a payment plan. The filing reorganizes debt to help a debtor pay it off within a set time period. At the end of the period, if there is an unpaid balance it may be discharged if the debt is [...]
For debtors with regular income, saving a home with Chapter 13 bankruptcy proves effective most of the time. However, there are some problems debtors may face at the end of their Chapter 13 bankruptcy. Below are a few suggestions on how to deal with the issues as they arrive: Mortgage Late Fees Technically, mortgage servicers [...]
Borrowing Money During Chapter 13 Bankruptcy In the three to five year period of a debtor's Chapter 13 bankruptcy case, they may feel the need to borrow money. But a Chapter 13 bankruptcy debtor cannot borrow unless they have the bankruptcy trustee's permission. The first question a debtor needs to ask themselves is if it [...]
Qualifying For Chapter 13 Bankruptcy Qualifying for Chapter 7 bankruptcy occupies most of a debtor's concerns when considering their options; but filing Chapter 13 bankruptcy also has its own set of requirements. Let's take a look at a few: Businesses Need Not Apply Chapter 13 bankruptcy is designed for consumers only. This means that corporations, [...]
When filing for Chapter 13 bankruptcy , most debtors are concerned about how much it will cost them. Below is a breakdown of what Chapter 13 bankruptcy can cost a debtor. Chapter 13 Bankruptcy Costs Monthly Creditor Payments The monthly payments required to pay off debt is the base figure of any Chapter 13 bankruptcy cost. [...]
When a debtor files Chapter 13 bankruptcy with a mortgage they may choose to keep their house and continue to pay the mortgage. However, because of the length of Chapter 13 bankruptcy cases, they may find themselves facing troubles paying their mortgage a few years down the line. If this happens there are a few [...]
If you're filing Chapter 13 bankruptcy, it's possible that your life could change significantly during the course of three to five years. The possibility of change negatively impacting the ability to make payments is one of the fears that debtors have when considering Chapter 13 bankruptcy . The good news is that the bankruptcy code [...]