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chapter 13 bankruptcy Archives

Can I choose the bankruptcy I want?

If you're considering a bankruptcy, it can feel overwhelming. This is a reasonable response to overwhelming debt, but not a helpful way to move forward. For many people, simply choosing a type of bankruptcy is a stumbling block in the path to a financial clean slate. For private individuals, Chapter 7 and Chapter 13 bankruptcies both offer financial relief, but do so in very different ways. Depending on the nature of your debt and other factors in your financial life, you may qualify for either or both. So how does a person choose between them?

Can I protect investments from Chapter 13?

When a person begins to consider a bankruptcy, often he or she has many concerns about which pieces of his or her property can be exempted from the process. Persons with various investments have a good deal of homework to do if they want to fully understand which of their investments may withstand the process and which face the greatest threat. 401k plans and Roth individual retirement accounts (IRSs) both enjoy some protections against collections during bankruptcy, but they both also feature exceptions to those protections.

Ohio court rules against late claims in Chapter 13

An Ohio bankruptcy court has made a very specific, but important, ruling about Chapter 13 bankruptcies — one that could affect many bankruptcy procedures in the future. Under a Chapter 13 bankruptcy, a secured creditor can file a claim against party seeking a discharge, but they should do so by the deadline laid out when they receive notice of the bankruptcy.

Do I have the right to discharge my debt through Chapter 13?

The strength of the court to enforce bankruptcy rights is an important, if often misunderstood, aspect of the law. Individuals who choose to pursue a Chapter 13 bankruptcy generally enjoy the right to discharge debt, outside of a relatively small list of exceptions. This means that a debtor who properly executes a Chapter 13 plan and finishes making all of the payments according to that plan has the right to the accompanying debt discharge, and the creditor cannot legally object.

What if I don't follow my Chapter 13 plan?

Filing for Chapter 13 bankruptcy can be a lifesaver for many individuals, but it also requires a great deal of the individual. If you are considering a Chapter 13 bankruptcy, it is crucial that you consult with an experienced bankruptcy attorney to make sure that you understand the process and your obligations throughout the procedure.

Can Chapter 13 discharge credit card debt?

Chapter 13 bankruptcy is often misunderstood, but with proper care, it can be a lifesaving tool. In broad strokes, Chapter 13 is a way to create a structured payment plan to make good on your debts, while putting a halt to collection tactics. "But doesn't a bankruptcy discharge debt," you might be asking? Yes and no. Not all debts are treated the same under a Chapter 13 procedure, which may help you repay some debts in full while discharging others. Chapter 13 can be especially effective at discharging unsecured debts such a credit cards.

Politician plagued by problematic bankruptcy

Bankruptcy is often thought of as a process where people declare that they have no money and a court allows them to cancel their debt. In reality, the process is far more complex than this, and sometimes a person may take actions that are not permitted, complicating or canceling the bankruptcy entirely. An elected official in a Chicago suburb, who is now seeking election, is currently under scrutiny for actions he took while in bankruptcy during his first term.

Filing Chapter 13 bankruptcy to stop a sheriff sale

Financial challenges are stressful, but almost nothing is as disheartening as the threat of possibly losing your home. If you receive notice that your home is in foreclosure or notification of a sheriff sale, your situation is not beyond repair. The circumstances are serious, but with experienced guidance, you may be able to stop this process and even keep your home.

Dealing with the high cost of higher education

Many college students are unable to fully fund their education through scholarships and savings, which is why thousands of students graduate college already deep in debt with student loans. Student loans are quite common, but many people who take on this debt do not realize the significant impact that it can have for years, even decades down the road.

How to deny your mortgage holder the pleasure of foreclosing

If unanticipated financial issues caused your mortgage payments on your Cincinnati home to fall behind, you might have tried other options, such as refinancing or working out a modified payment plan. If your lenders refused to accommodate you, you could deny them the pleasure of foreclosing on your property by filing for personal bankruptcy.