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 with a court, as opposed to when you have only paid an attorney or another …
Can I Change My Mind After Paying for a Bankruptcy Filing? Read More »
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 basic necessities, or you’re currently considering any type of debt consolidation program, you may be …
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 many people. If you’ve thought about filing for Chapter 7 or Chapter 13 bankruptcy as …
How Much Does it Cost to File for Bankruptcy Protection? Read More »
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 numerous industries. The American Bankruptcy Institute reports that about 1.5 million personal bankruptcy cases were …
Avoid These Common Mistakes Or Your Bankruptcy Filing Will Be Rejected Read More »
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 included in my bankruptcy and that now say “transferred to another lender or claim purchased.” …
My Credit Report Still Shows Debt Written Off in Bankruptcy! Read More »
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 their car to creditors when filing bankruptcy, but the good news is that in most …
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 with finances for several months – even years – and may already have come close …
How to Save Your Home if You File for Bankruptcy Read More »
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 include back owed income taxes in your bankruptcy, or not. Educating yourself on the different …
Can I Include Back Owed Income Taxes in My Bankruptcy? Read More »
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? Maybe you’ve found a way to pay off your outstanding debt or are willing to …
What If I Change My Mind After Filing Bankruptcy? Read More »
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 just under $850,000. Singer Toni Braxton recently went bankrupt for the second time, with debts …
5 Questions You Must Ask Before Filing Chapter 7 or Chapter 13 Bankruptcy Read More »
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 are worried about what assets they can keep and what assets they might have to …
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 of 3 to 5 years. Chapter 13 is also known as a wage earner’s plan, …
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 can be included in your wife’s bankruptcy filing. Some of those factors include: the type …
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 damage your credit – although filing for bankruptcy protection today does not have the same …
Which Bills Should I Pay Before Filing Bankruptcy? Read More »
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 from the recession. Here are a few things to know if you have ever contemplated …
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