Chapter 13 Bankruptcy

Call: 888-297-6203 Filing for bankruptcy under chapter 13 is your best bet if you have a source of income to pay your debts in part payment. This chapter, helps you get a fresh start from your financial woes as well as protects all your assets and possessions from foreclosure. When you file for bankruptcy under chapter 7, an automatic stay is levied wherein no collection agencies can contact you for any form of payments. Moreover, as per the plan set by the court, you can make the payment of your dues in part over a period of 3-5 [...]

Call: 888-297-6203 There are numerous advertisements for "debt management," "debt consolidation," and "credit counselling," all of which contribute to the stress that people with excessive debt must endure. People frequently express their need to repay their debts if they could only obtain fair conditions. Their creditors reject them one at a time. Alternately, suggest unworkable terms.   Chapter 13 is a preferable substitute. Chapter 13 offers debt forgiveness without requiring you to interact with your creditors or pay someone else. It is enforced by a federal judge and does not have the drawbacks of out-of-court programmes. The trustee's [...]

Call: 888-297-6203 #1 Myth: There is no longer bankruptcy relief available. Almost all of the bankruptcy relief that was available before the law changed in 2005 is still preserved in the current bankruptcy statute. It is a little more complicated and pricey than it was before the "reform," but it still functions. #2 Myth: If you are employed, you cannot declare bankruptcy. The new "means test" is intended to prevent some filers from filing under Chapter 13 if their income is higher than the median income for households of their size in their state of residence. You must [...]

Call: 888-297-6203 It only causes further confusion if one realizes that bankruptcy can discharge liens, taxes, and other debts. The laws governing taxes and bankruptcy are numerous and intricate, like other legal issues. What if the five-year Chapter 13 plan doesn't allow a person to pay off my non-dischargeable tax debt? The general rule is that the priority taxes owed as of the filing must be paid in full under a Chapter 13 plan. Sometimes, the sum is simply too high to be paid within the five-year window allowed under Chapter 13 bankruptcy. Think about making the IRS [...]

Call: 888-297-6203 Getting sued frequently causes panic followed by the feeling that you need to declare bankruptcy immediately. Does this imply that one must declare bankruptcy? There are no definitive answers to the topic since the legal theories behind litigation might differ greatly.  A complaint may be as straightforward as a collection action or as complicated as a corporate tort lawsuit. However, it's quite unlikely that one has to declare bankruptcy today, this week, or even this month. However, you could choose to respond to the lawsuit. Should One respond to the grievance? If we don't respond to the complaint, the [...]

Call: 888-297-6203 One of the most effective weapons in the bankruptcy toolbox for getting a real new start in bankruptcy is the debtor's ability to avoid certain liens on his assets. Liens generally move through bankruptcy undisturbed by the discharge, according to the usual norm. Only the debtor's personal obligation is discharged in bankruptcy. If the debtor owns any property, it continues to be subject to any liens that may still be in place against it. The creditor with the lien can still pursue the property after the bankruptcy, but they are unable to use the discharge to [...]

Call: 888-297-6203 Making the choice to file for bankruptcy can be challenging. Almost everyone who is faced with this choice oscillates between "Fight" and "Flee": fight to pay off the debts vs escape the ongoing strain and start afresh. Our judgement. Various bankruptcy options To make a choice, you must be aware of your options. On your own, are you able to prevent bankruptcy: Make a budget for your actual, monthly living expenses before exploring non-bankruptcy options. Include mortgage and auto payments, but disregard any other outstanding debt. Can you pay off your obligations other than your mortgage [...]

Call: 888-297-6203 People who file for Chapter 13 bankruptcy are given a repayment plan that is under court supervision. Depending on the debtor's means and objectives, the amount paid to creditors might range from nothing to 100%. The plan shields the debtor from collection efforts throughout the legal proceeding and dismisses any remaining balance of dischargeable debts at its conclusion. Why claim bankruptcy in order to pay? In Chapter 13, the debtor may order creditors to adhere to a debt management plan. All creditors are required to follow the plan once the court rules that it is compliant [...]

Call: 888-297-6203 Your initial creditors' meeting will be held in court?  Users think, "What are they going to ask me?" In their minds, most bankruptcy clients take a test on the information in their bankruptcy documents.  Or even worse, asking them why they felt the need to declare bankruptcy.  That's something improbable. It is much more likely that the initial creditors' meeting will be a boredom. A very thorough list of inquiries that a Chapter 7 trustee could make at your bankruptcy hearing is listed below: Pay attention to the query Listen to the trustee's inquiry all the way [...]

Call: 888-297-6203 Lien stripping in Chapter 13 bankruptcy offers a special chance to permanently remove voluntary mortgage liens on real estate. The general norm in bankruptcy is that liens pass through bankruptcy unaffected by the bankruptcy discharge. Lien stripping is an exception to this rule. The exemption for house mortgages If there is absolutely no value to which the lien links during a period of declining real estate values, Chapter 13 gives debtors the opportunity to permanently discharge mortgage liens on their houses. It is illegal to alter or change a lien when it relates to a mortgage [...]