With a chapter 13 bankruptcy, also known as a “wage earner’s plan,” individuals pay an agreed-upon monthly amount to an appointed impartial trustee, effectively consolidating debts into one monthly amount. The trustee then distributes the money to the filer’s creditors, and the debtor doesn’t have any direct contact with creditors. Source – Investopedia
Sometimes, people who intend to file for bankruptcy protection have a change of heart once it’s done, or once they pay to have a bankruptcy initiated. According to a bankruptcy attorney, different procedures apply once the bankruptcy has been filed ...
According to recent data from the American Bankruptcy Institute, there were 1.2 million personal bankruptcy filings in the United States in 2012. If it’s increasingly difficult for you to cover all your bills, you find yourself using credit cards to pay for ...
Approximately 1.2 million Americans filed for bankruptcy in 2012 and more than 1 million more individuals are expected to go bankrupt in 2013. Continued layoffs, foreclosures, rising healthcare costs and mounting credit-card debts are all still taking a toll on ...
When the debt load you’re carrying is simply too much to bear, you might have considered filing for bankruptcy protection. Filing for bankruptcy has become increasingly common the past three years thanks to the economic downturn and job cuts across ...
Q: I filed for Chapter 13 bankruptcy in January 2008. I just paid it off and should be receiving my discharge soon, but I checked my credit report and there are two credit card accounts on my report that I ...
If you’re filing for bankruptcy to get some relief from creditors and get your financial situation back on track, you may have wondered what happens to personal assets like your car during the bankruptcy filing process. Many people fear losing ...
When you have taken the step to file for bankruptcy and are struggling to make ends meet, you may have wondered if your home will soon go into foreclosure. If you’re filing for bankruptcy, it’s likely that you’ve been struggling ...
Many people who are filing for bankruptcy wonder if they are able to have back owed income taxes discharged during the bankruptcy process. The short answer is: Maybe. The type of bankruptcy you are filing will determine whether you can ...
Thousands of Americans file for Chapter 7 and Chapter 13 bankruptcy each year, a move that allows them to discharge all debts and get a fresh start. But what happens if you file for bankruptcy and then change your mind? ...
A number of celebrities have made headlines in recent months for having enormous debts and tax problems or because they’ve filed for bankruptcy protection. Actor Eddie Murphy’s ex-wife, Nicole, reportedly owes millions of dollars, including five IRS tax liens of ...
Q: I am having financial problems and can no longer make ends meet. Can I keep my car if I file bankruptcy? A: With so many consumers filing for bankruptcy protection or thinking about doing so, a lot of people ...
Unlike Chapter 7, which can completely wipe out unsecured personal debts such as credit card bills and medical debt, Chapter 13 is a way to re-organize your finances and pay off some or all of your debts over a period ...
Q: My wife filed for bankruptcy before we were married. Can my income be included in her bankruptcy filing? What is the impact of bankruptcy on my finances? A: There are multiple factors that would determine whether or not your income ...
Q: I want to file for bankruptcy this year. Should I pay off the small bills that I can afford to pay before I file bankruptcy? A: Filing for bankruptcy will not help you “repair” your credit. It will only ...
The number of people filing for personal bankruptcy was up 36.5% in the first half of 2009 from the same period a year before, and more than likely that number will keep rising as people seek their own personal bailout ...