If you have plans to file for Chapter 13 bankruptcy, you must first learn more about the requirements. Even though you may be interested, it doesn’t mean you meet all the eligibility requirements set forth by the law. Here are some things to remember: Chapter 13 bankruptcy is for individual consumers, not business entities If you discharged debt in Chapter…
With a variety of high level benefits, it’s easy to opt for Chapter 13 bankruptcy before ever learning more about the process as a whole. Unlike Chapter 7, with Chapter 13 bankruptcy you’re required to use a repayment plan to pay back some of the money you owe creditors. It may not be the ideal situation, but if you don’t qualify for…
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…
Despite all the benefits of Chapter 13 bankruptcy, such as the ability to start fresh with your finances, there are some potential disadvantages to become familiar with before pushing forward. Here are some things to keep in mind: A Chapter 13 bankruptcy requires you to use a repayment plan to pay some or all of your debts. This can last…
The most common form of bankruptcy available to consumers is Chapter 7, which allows those who struggle with their debt to give up their personal property and submit to some financial restrictions in return for financial relief from debts they cannot pay. However, some individuals have the means to pay their debts off over time, but still need structure to…
Chapter 13 offers borrowers who overextend themselves financially the opportunity to rearrange their debts and institute a court-approved repayment plan while abiding by some financial restrictions, providing much-needed relief to thousands of individuals. Of course, not all who attempt a Chapter 13 repayment plan actually succeed in making all the payments on time. In some cases, this can cause major…
Chapter 13 is an excellent form of debt relief. It offers those with sufficient income the opportunity to discharge many kinds of debt after completing a court-approved repayment plan. While the debtor does sacrifice many financial privileges for a period of time, it is usually not necessary to forfeit one’s home or other property while undergoing a Chapter 13 bankruptcy.…
When a debtor files for debt reorganization under Chapter 13, he or she hopes to create a repayment plan that a court approves in order to pay off debt and get back on track financially. Once the court approves the plan, however, it is absolutely essential for the debtor to follow the plan if at all possible. If the debtor…
When a debtor qualifies for a Chapter 13 debt reorganization, they may enjoy many protections through the bankruptcy. These include shelter from collections tactics. Unlike a Chapter 7 bankruptcy, which requires a debtor to forfeit their property to obtain a debt discharge, Chapter 13 allows debtors with sufficient income to repay all or a portion of their debt without forfeiting…
Chapter 13 bankruptcy allows an individual with significant debt and significant income to halt collections practices by creditors and restructure his or her finances to pay the debt down over time. While abiding by the strict guidelines laid out for a Chapter 13 restructuring, some debtors may place a stay on collections regarding child support or spousal support, but the…