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Posts tagged "Chapter 13"

Chapter 13 bankruptcy and when to file

For many, it is hard to understand exactly what bankruptcy is and how it can benefit them. Filing Chapter 13 bankruptcy, for example, is a way for a person to gain control of his or her finances without having to give up everything that he or she owns. With this type of bankruptcy, a person will only have to make one payment per month to a trustee. The trustee is then responsible for paying each of that person's creditors. Many Florida residents choose this method to catch up on their bills.

Overview of exempt property in Chapter 13 bankruptcy

Bankruptcy is a type of legal protection afforded people who are unable to pay their debts. There are two types of bankruptcy filing: Chapter 7 and Chapter 13. Chapter 13, unlike Chapter 7, reorganizes your debts into a payment plan that you can sustainably pay. After a term of years (usually five years), you either pay off your debts in their entirety or the rest is forgiven. The purpose of Chapter 13 is to reorganize your assets and liabilities, to allow you to get out from under your debts.

When is Chapter 13 bankruptcy the right choice for you?

Facing an overwhelming amount of debt can change your life. It can lead to threats of foreclosure on your home, loss of your personal vehicle and even garnishment of your wages. If you find yourself in this type of situation, you may consider the many benefits of consumer bankruptcy. Depending on the nature of your debts and your income levels, Chapter 13 bankruptcy may be the best choice to both help you confront your debt and keep your home.

What does a Chapter 13 repayment plan look like?

If you've read this blog in the past, you'll know that there are several differences between Chapter 7 and Chapter 13 bankruptcies. The biggest difference is that a Chapter 7 plan gets rid of all debts but lets creditors take some property while Chapter 13 allows you to keep everything in exchange for a payment plan.

What does a Chapter 13 repayment plan look like?

If you've read this blog in the past, you'll know that there are several differences between Chapter 7 and Chapter 13 bankruptcies. The biggest difference is that a Chapter 7 plan gets rid of all debts but lets creditors take some property while Chapter 13 allows you to keep everything in exchange for a payment plan.

Can I file for a Chapter 13 bankruptcy?

People find themselves in financial trouble for a variety of reasons. Maybe they got in over their heads. Perhaps they lost a job or had an unexpected illness take away their ability to make payments regularly. Whatever the reason, feeling overwhelmed by debt can be miserable. If that sounds like you, you may have pondered the idea of filing for bankruptcy. Bankruptcies used to have a negative stigma but these days it's just another way to help you get a fresh start.

Reducing credit card debt

A growing problem in America today is the trend toward assuming more credit and a reduction in household savings. Numerous factors contribute to why people find themselves carrying more credit card debt than they can manage. Typically, changes in financial resources are the principle culprit to unwieldy credit payments. Losing your job or suffering a personal injury and maintaining daily expenses can often mean that credit can be a ready resource to paying bills. Unfortunately, this practice of bridging the financial gap between jobs or during periods of illness is not a viable way to achieve financial relief.  

What debts are considered required debts in Chapter 13?

When you have decided that bankruptcy is the best solution to your financial struggles, you may have let out a sigh of relief knowing that your issues with debt will soon be in the past. A lot of people assume that filing bankruptcy, specifically Chapter 13, will save them from all of their debts, but assuming this would be wrong. In fact, when you file for Chapter 13, there are a few debts that are considered required, meaning they must be repaid.

What debts are considered required debts in Chapter 13?

When you have decided that bankruptcy is the best solution to your financial struggles, you may have let out a sigh of relief knowing that your issues with debt will soon be in the past. A lot of people assume that filing bankruptcy, specifically Chapter 13, will save them from all of their debts, but assuming this would be wrong. In fact, when you file for Chapter 13, there are a few debts that are considered required, meaning they must be repaid.

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