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chapter 13 bankruptcy Archives

What are the consumer benefits of Chapter 13?

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 help get back on track financially and protection from aggressive collection tactics.

Can creditors resume collecting if I miss bankruptcy payments?

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 complications for the borrower and may even entirely derail the procedure.

Chapter 13 bankruptcy and priority claims

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.

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.