Chapter 13

Chapter 13 bankruptcy requires you to make payments to the court for three to five years prior to the discharge of your debts. On the other hand, Chapter 7 cases can result in a discharge in a matter of months without requiring any payments at all. For this reason, most people assume that Chapter 7 is the preferable option and, in fact, Chapter 7 is by far the most common type of consumer bankruptcy. However, this does not mean that Chapter 7 is always the best choice for everyone experiencing financial problems. Why Chapter 13 Bankruptcy Might be Right for You [...]

Unlike a Chapter 7 bankruptcy, in which your property is sold to pay a portion of your debt, Chapter 13 bankruptcy works to prioritize, or reorganize, your debts and assists you in paying off as much as possible over a set time period. As part of your filing for Chapter 13 bankruptcy, you are responsible for creating and submitting a repayment plan that meets all of the requirements laid out by the law. Although the plan will vary from person to person, there are some basics required of the plan that do not change, including how various kinds of debt must [...]

The Benefits of Filing Chapter 13 Bankruptcy When you think of bankruptcy, you may associate it with a variety of negative things, but filing Chapter 13 bankruptcy can actually be a very positive way to handle your financial struggles. It is a payment plan that lasts for three to five years, and that can be intimidating for some people. However, there are many advantages to filing Chapter 13 bankruptcy. Pay What You Can Afford   Chapter 13 bankruptcy will take all of your debts and roll them into one payment that your bankruptcy trustee will use to pay all of your [...]

The Short Answer to "Can I Keep My Home in a Chapter 13 Bankruptcy?" One of the most common questions we are asked by prospective clients is "can I keep my home in a chapter 13 bankruptcy." While the answer has some moving parts, fortunately, in a Chapter 13 bankruptcy, you will not lose any property to the trustee, including your house. The bankruptcy will also not have any effect on your mortgage. Although you will not lose your home during a Chapter 13 bankruptcy, it is still possible to lose your house through foreclosure proceedings. To keep that from happening, [...]

When you reach the point at which you are ready to file for bankruptcy, it is important to determine what type of bankruptcy is best for your situation. A bankruptcy means test can help you decide. A means test determines if you make enough money to repay at least a portion of your debt through a Chapter 13 bankruptcy repayment plan or if you qualify for a Chapter 7 bankruptcy instead. Take a look at the details of a chapter 13 means test below. Who Takes the Chapter 13 Means Test If you have an income that is greater than the [...]

Why You Should Consider Chapter 13 Bankruptcy Chapter 13 bankruptcy is sometimes referred to as the wage earner’s bankruptcy plan. It allows individuals with a consistent income to create a plan that helps them repay a portion or all of their debt. In Chapter 13 bankruptcy, debtors create a payment plan to make payments over three to five years to their creditors. If their income is less than the median income of the state, the plan will be made for three years unless a longer period is approved by the court. Debtors are rarely allowed to create plans for longer than [...]

The Ins And Outs Of Chapter 13 Bankruptcy Relief Debtors can potentially keep their property and catch up on delinquent payments if they file for Chapter 13 bankruptcy. Gwinnett County bankruptcy lawyer Keith Cornwell has helped many residents by guiding them in the right direction, and sometimes that includes filing for Chapter 13. Most debtors emerge from this type of bankruptcy with all of their assets left intact and their accounts in good shape. It should be noted that filing for this type of bankruptcy could have a bad impact on your credit rating in spite of all the benefits that [...]