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How are  Chapter 13 Bankruptcy Payments Calculated?

Beginning the Chapter 13 bankruptcy process often results in people experiencing many emotions concerning fear about what lies ahead. One of the best ways to reduce the negative feelings that you feel about the bankruptcy process is to learn as much as you can about it ahead of time. The following answers one of the most common questions that people ask about the bankruptcy process, which is how courts determine repayment plans for Chapter 13 bankruptcy. The Importance of Repayment Lengths Rep[...]

Converting from Chapter 13 to Chapter 7 Bankruptcy

One of the most common questions asked by people navigating the bankruptcy process is what type of bankruptcy is best for them. Many people overlook the fact that what type of bankruptcy works best can change during the process. If an individual is no longer able to afford Chapter 13 bankruptcy payments, it is possible to convert a case to Chapter 7.    The following reviews some of the important details about the conversion process that individuals weathering the bankruptcy process should[...]

How Filing Bankruptcy can Impact Your Rental Property

While many people who file for bankruptcy understand the basics of the process, people frequently have questions about how specific types of property are handled. If you own a rental house, property, or commercial unit, it is important to consider how these types of property will be affected if you file for bankruptcy. Chapter 7 Bankruptcy and Rental Properties When a person files for bankruptcy under Chapter 7, the individual is allowed to keep certain property that is classified as exempt. Whi[...]

Filing for Bankruptcy as a Senior Citizen

Given the increasing prices associates with health care, a large number of senior citizens have begun to file for bankruptcy. What some people do not know is that senior citizens who file for bankruptcy are offered a number of distinct advantages. Despite this, bankruptcy is not the best option for everyone. Why Bankruptcy is Not Always the Best Option Pursuing bankruptcy can be an attractive option for some senior citizens because it enables them to erase debts and pursue a better credit histor[...]

The Impact of Bankruptcy on Medical Debt

A large number of Americans end up in financial debt due to the high costs associated with medical care. Many Americans who are diagnosed with serious medical conditions as well as who are involved in serious accidents can end up facing hefty medical bills. Many of those people decide to utilize the bankruptcy process to alleviate financial strain and unmanageable debt. This is because if you declare bankruptcy, your medical bills will often be part of your discharged debt. Chapter 7 Bankruptcy [...]

How can Chapter 13 Help You?

  For decades, the stigma of bankruptcy has existed throughout the United States. A person who filed bankruptcy was considered to be lazy, greedy, or poor at managing money. In reality, filing for bankruptcy is something that is often a result of unforeseen and unavoidable circumstances such as divorce, serious health issues, or even the loss of a loved one. If you are a person drowning in debt and not sure where to turn, take time to learn how chapter 13 can help you. End Tax Refund Interc[...]

What to do if Your Chapter 13 Bankruptcy Case is Dismissed

After filing for Chapter 13 bankruptcy debtors are required to make monthly payments to a bankruptcy court trustee. These payments are distributed to various creditors, including a debtor’s attorney and the trustee him or herself. At the end of the bankruptcy, the petitioner will receive a discharge that prevents creditors from pursuing him or her for additional payments and allows the petitioner to have a fresh start with his or her credit. However, failure to meet certain terms may result in[...]

Top Four Chapter 13 Bankruptcy Mistakes

Chapter 13 bankruptcy relief offers filers a unique opportunity to receive protection from debt collection actions while allowing them to repay creditors an amount that the filer can afford. The second most commonly filed bankruptcy chapter, this financial reorganization gives an individual up to five years to pay creditors. A good option for those who own property that they do not wish to surrender, chapter 13 can lead to additional problems if the debtor makes a mistake when filing for relief.[...]