Chapter 13 Bankruptcy
Chapter 13 Bankruptcy
Advantages and Disadvantages of Chapter 13
Filing Bankruptcy under Chapter 13 has numerous benefits, perhaps the most obvious of which is that you do not have to forfeit any of your property. There is also no requirement to offer collateral for this type of consolidation, which means that the equity that you do have is not put at (further) risk. Once you have filed under Chapter 13, the bankruptcy court issues an “automatic stay”...
Facing Foreclosure? Consider The “Secrets” of a Chapter 13 Lien Strip
It is a sign of the times that almost on a daily basis we are hearing reports that the number of foreclosed homes is increasing as more...
For reasons of circumstance or incompetence, bankruptcy is sometimes the only option. However, before considering filing for bankruptcy one must make sure they are eligible to file for the form of bankruptcy they feel best fit. Filing bankruptcy online will tell an individual if they are eligible or not without seeking professional...
Bankruptcy and the Repayment Plan
Understanding bankruptcy repayment plans first requires an understanding of Chapter 7 and Chapter 13 bankruptcy filings. Chapter 7 bankruptcy is a liquidation bankruptcy. This means that the filing debtor’s non-exempt assets will have to be sold or liquidated in order to pay off all creditor claims. In exchange for this action, the debtor’s debts, as in the obligation to pay, are dismissed. While all debts can be discharged with Chapter 7, not all liens (as in mortgage notes) will be likewise discharged.
Dischargeable Debts under Chapter 13
On completion of all the payments prescribed under the Chapter 13 plan a debtor is entitled to be discharged. However, there are certain debts that will not be discharged. Obviously, debts that were not included in the plan will not be affected by the discharge, and will remain outstanding. Priority debts such as bankruptcy fees will also need to be paid. Aside from these, other debts that survive the discharge can include long term obligations such as home mortgages, the majority of educational loans, child support payments & alimony, personal injury payments...
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