All the information you need to make an educated decision
Chapter 13 Bankruptcy Help
Chapter 13 bankruptcy is a form of reorganization, in which you follow a payment plan to your creditors under the discretion of a bankruptcy court. It can be used only by individuals, often those who did not meet the requirements of a Chapter 7 filing.
In filing for Chapter 13, a bankruptcy court will consider your income, debt load, and other financial assets to determine your minimum payments. Depending on your circumstances and your debts, you will pay in full, partially pay, or not pay at all any given number of your individual debts. Any debts that are not paid through the plan most likely will be discharged.
If your income is considered too high for Chapter 7 filing, Chapter 13 may be your best option. In order to qualify, your income must be sufficient to pay off some of your debts, but not so high that you should be able to find means of repayment other than bankruptcy. Your unsecured debt load must be less than $307,675, while your secured debt load must be less than $922,975.
In order to file Chapter 13, you must first seek credit counseling from an approved organization. Upon completion, you will be given certification to file with a bankruptcy court to begin your case. The entire process generally takes about three to five years.
Chapter 7 and Chapter 13 Bankruptcy--Which is Right for You?
Chapter 7 and Chapter 13 filings each have their own advantages, but determining which might be best for you will depend on your current financial position.
Your Credit Rights After Bankruptcy: Discharged Debts and Zero BalancesRebuilding your credit should be at the top of your priorities after filing for personal bankruptcy. During this process, keep a close eye on your credit report as items can often be reported incorrectly by the credit reporting agencies. In general, all discharged debts should be reported as zero balances after bankruptcy. Often they are reported incorrectly and can end up hurting your credit more than necessary. To avoid these mistakes, understand your credit rights as a consumer even under the stain of bankruptcy.
What Happens to Cosigners When You File For Bankruptcy?Bankruptcy is a very powerful financial tool that can affect the lives of those surrounding the debtor. Cosigners of debt should pay special attention as they are often not protected by someone else's bankruptcy.
Bankruptcy and Marriage: 6 Things You Need to KnowBankruptcy is a convoluted process on its own, but involving a spouse could complicate things even further. Whether you are the one contemplating bankruptcy or your spouse is planning to file, it is important to understand how bankruptcy affects the ones around you. While it is legal for spouses to file independently or jointly together, these are six common issues that you are likely to encounter and should be aware of before filing for bankruptcy
Avoid Having Your Bankruptcy Case Dismissed: 8 TipsThe dismissal of your bankruptcy case essentially means it gets thrown out of the bankruptcy court. Once this happens, you lose the protections of bankruptcy, such as the automatic stay, and can then be held responsible for all of your remaining debts.
Guide to No Cosigner Student Loans
Are you a would-be student who would like to attend college, graduate school, or professional school, but are hesitant because you…
The advantages of using your local credit union to refinance your mortgageLocal credit unions increasingly are popular alternatives to traditional banks. While banks are privately owned,…
Debt Consolidation for Senior CitizensFew people have more financial choices, yet more opportunities to be overwhelmed by those choices, than senior citizens. Seniors…
What is the Best Loan and Debt Repayment Program?Incurring debt sometimes is necessary in order to meet one’s financial and personal goals, or to make payments for necessary…
Bad Credit Student Loans for High Risk StudentsCollege costs nowadays are through the roof and are only expected to rise in the future. Most students and/or their parents…
