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chapter 13 bankruptcy Archives

Spousal and child support and Chapter 13

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 bankruptcy does not allow discharge of these obligations.

Consider the risks surrounding informal debt resolution

When a person finds he or she is overwhelmed with debt, then he or she may begin looking in every direction to find some relief. Of course, both Chapter 7 and Chapter 13 bankruptcies offer significant flexibility for many consumers to repay debt as well as discharge it. However, many creditors are willing to consider alternative repayment options that do not include an actual bankruptcy. If you face serious debt, you may be able to negotiate repayment and discharge of the debt for pennies on the dollar, but be sure to keep your self protected if you pursue this option.

Study suggests racial disparity in bankruptcy filings

Bankruptcy is one of those complex legal issues that is often deeply personal. In fact, a recent report published by ProPublica examines how different people groups participate in bankruptcy, suggesting that some aspects of the process may vary depending on the racial or socioeconomic background of an individual who files.

Can I keep property in Chapter 13?

Filing for bankruptcy is never an easy decision. One of the most common fears that those considering bankruptcy carry is that they will have to forfeit their belongings and the life that they've fought to build in the process. While this is a well-founded fear in many respects, the good news is that under a Chapter 13 bankruptcy, a debtor can work toward paying off and discharging all his or her debt while retaining most or all personal property.

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.