The main benefit of Chapter 13 bankruptcy is that it allows a debtor to keep their assets while catching up on their debt payments. How Certain Debts Are Treated During Bankruptcy Below is a list of how certain debt payments and assets are treated over the course of Chapter 13 bankruptcy: Credit Cards While credit [...]
A Chapter 13 bankruptcy is a court ordered repayment plan that helps filers establish plans that they can manage so they can stay on top of their debts and in some cases keep their homes and other priority items. A traditional Chapter 13 bankruptcy lasts for three years but they can be extended to five [...]
If a debtor files Chapter 13 bankruptcy , their disposable income must go to pay their creditors. However, the bankruptcy code allows certain deductions when calculating a debtor's disposable income. Insurance is one of several deductions that bankruptcy debtors have the right to take. Unfortunately, many debtors who are a pennywise and a pound foolish [...]
Secured Debt in Bankruptcy Debtors filing Chapter 13 bankruptcy sometimes approach secured debt payment with confusion and trepidation. There are a lot of misconceptions about how secured debt is treated in bankruptcy and how the debtor is expected to repay secured debt through their Chapter 13 bankruptcy plan. Let's take a look at a few [...]
In a recent bankruptcy case involving a debtor who filed Chapter 13 bankruptcy within four years after receiving a Chapter 7 bankruptcy discharge, the bankruptcy court ruled that he had a right to strip the wholly unsecured junior mortgage lien. Typically, a debtor who files Chapter 13 bankruptcy within four years of receiving a Chapter [...]
If you're a debtor who has a secured loan with a co-signer, you may be concerned about how your Chapter 13 bankruptcy will impact the co-signer. This is especially important if that co-signer is a spouse or other family member who isn't part of the bankruptcy. How to minimize the impact of your bankruptcy filing [...]
Why You Shouldn't Be Afraid to File Chapter 13 Bankruptcy Chapter 13 bankruptcy has become the dreaded type of bankruptcy that every debtor wants to avoid. It's unfortunate because Chapter 13 bankruptcy provides the type of flexibility and protection that many debtors who are fully employed need. Nevertheless, many debtors fear Chapter 13 bankruptcy and [...]
In a recent Chapter 13 bankruptcy case filed by a married couple, the bankruptcy trustee unsuccessfully attempted to alter the repayment plan three years after confirmation. The details of the bankruptcy case: The Plan also provided for the Trustee to pay $11,714 plus 9.25% interest to Toyota Motor Credit ("Toyota") in satisfaction of a secured [...]
In a recent Chapter 13 bankruptcy, the debtor was faced with losing their case after failing to make payments to the creditor and trustee and failing to maintain their real estate property. In the instant motion, Movant seeks relief from stay in order to foreclose. Movant asserts that Debtor's failure to make payments constitutes cause [...]
How to Handle a Car Loan in Chapter 13 Bankruptcy Do you have a car with a loan attached to it? If so, you may be able to keep your car and payoff your loan in bankruptcy.Here's what you need to know: If you purchased your car less than 910 days before filing bankruptcy, you [...]