Articles Posted in Chapter 13

Some debtors look forward to tax time because that is the time that they receive large tax refunds from the IRS. Instead of receiving their fair share of monthly earnings, these taxpayers believe that their savings would be better off in the hands of government. Meanwhile many of these same workers are struggling to pay…

One of the main reservations bankruptcy law firms see from individuals regarding filing for Chapter 13 bankruptcy is the initial uncertainty surrounding how long the bankruptcy will last. Chapter 13 bankruptcy requires debtors to enter into a repayment plan with the US Bankruptcy Courts, paying monthly installments to the bankruptcy trustee who then divides the…

Chapter 13 bankruptcy requires fiscal discipline and the willpower to stick to a budget in order to eliminate your debt. It’s tough, but countless individuals have been through the process, eliminated their debts, and received a fresh start with their finances. People find Chapter 13 bankruptcy difficult mainly because they aren’t accustomed to staying on…

Declaring Chapter 13 bankruptcy is the process by which an individual compiles all debt owed, along with income and assets, in order to establish a repayment plan to pay back what he can afford over a period of 3-5 years. During this period you make payments to the bankruptcy trustee. Obviously, a lot can happen…

There are several unnecessary worries when deciding to file for Chapter 13 bankruptcy. While keeping your job is of the utmost importance, you should find solace in the fact that you can’t be fired solely for filing bankruptcy. In fact, if an employer fires you for no other reason than bankruptcy, you may have an…

For many of those in extreme debt, Chapter 13 bankruptcy is a shining beacon of hope and relief. Not everyone qualifies, however, for Chapter 13 bankruptcy in California. It’s also noteworthy, that like all decisions, the decision to declare bankruptcy comes with advantages and disadvantages. A Chapter 13 bankruptcy can take up to five years…

When you file a petition for Chapter 13 bankruptcy protection, you present a payment plan that, once approved, obligates you to make monthly payments to the bankruptcy trustee, who will then pay your creditors with the money. In order to obtain a discharge of your remaining unsecured debts, or have them wiped out at the…

When filing for bankruptcy protection, a very common question we hear often is about how chapter 13 bankruptcy affects your credit. No matter which type of bankruptcy works best for your personal situation, once you file bankruptcy, your credit report will reflect that for many years. While filing for Chapter 13 bankruptcy may negatively affect…

When faced with overwhelming debt, Chapter 13 bankruptcy exists as a form of debt relief, enacted by the federal government. Chapter 13 bankruptcy, or repayment bankruptcy, is an alternative to Chapter 7 bankruptcy, which is often referred to as a liquidation bankruptcy. Individuals with additional monthly income, and who own significant assets are typically better…

Making the decision regarding which chapter of bankruptcy to file is a difficult one. The decision to file Chapter 13 bankruptcy over Chapter 7 depends on what type of debt you are seeking to eliminate, where you live, and what you own. While bankruptcy doesn’t eliminate all types of debt such as child support, alimony,…