When you are considering bankruptcy, you are probably stressed and worried about what will happen to your house, your car and your income should you go that route. Not all debts are dischargeable. According to the U.S. Bankruptcy Court, you cannot discharge these types of debts:
For many years, filing for bankruptcy was considered some sort of failure. Today, that perception has changed drastically and many are opting to file for bankruptcy as a way to get a fresh start and there's absolutely no shame in that. However, even if you've made the decision to file, the ins and outs of the process can be confusing, so it can be advantageous to know some of the basics.
Miami residents who are looking to use bankruptcy as a means to achieve manageable payments on their debt may be interested in what the Supreme Court has to say on the subject. Depending on the type of decision made by the bankruptcy court, there may not be a chance for an appeal.
Florida residents who are considering filing for Chapter 13 bankruptcy often have questions regarding what, if any, types of debts will remain after they complete their repayment plan and the discharge occurs. There are several categories of debts that normally will not be discharged under bankruptcy law.
Debtors in Florida might be interested in learning more about the rules governing discharges in Chapter 13 bankruptcy. Once the repayments are completed, debtors may be able to receive a discharge as long as all obligations for domestic support have been fulfilled. In order to qualify, debtors must not have been awarded a discharge in another case within the past two years. The time restriction is extended to four years when a debtor already received a previous discharge from a Chapter 12, Chapter 11 or Chapter 7 bankruptcy case.
For some people, the prospect of filing for bankruptcy is met with fear and concern. Many people might not understand that if it is used properly, bankruptcy can help to give you peace of mind while helping you to regain control of your finances. Chapter 13 bankruptcy is the type of personal bankruptcy that allows you to rework your credit-related bills in a way that you can afford.
There are some indicators that the United States economy has stabilized and is now on the upswing, and one of them is that consumer credit debt levels have risen. While this can have a positive effect on a national scale, it can also be a sign that Americans still haven't learned their lessons regarding indebtedness.
In previous blogs, we've addressed the requirements and pros and cons of Miami residents filing for Chapter 13 bankruptcy. This week's post will review the obligations of a debtor under Chapter 13.
Mounting debts can seem like a never ending battle when you are getting notices and phone calls from creditors. When things get to be too much, filing Chapter 13 bankruptcy can be a way to regain control of your financial situation. Last week, we discussed some of the requirements for this form of bankruptcy. That post might have some of our readers wondering what they should do if they need to seek the protections of Chapter 13 bankruptcy.
Because filing for Chapter 13 bankruptcy allows Florida residents the chance to restructure the debt and make payments in an attempt to keep their property, there are very specific requirements that filers must meet. How much debt is owed and whether the person has the ability to make the payments to repay the debt are two of the most important factors.