Building Credit During Chapter 13 Bankruptcy

Sawin & Shea

Filing for chapter 13 bankruptcy can seem like a daunting task, but it’s often the right move for those who are facing foreclosure, repossession, or have exorbitant debts. Your Credit During Chapter 13 Bankruptcy.

Can I Pay Off My Chapter 13 Bankruptcy Plan Early

Sawin & Shea

Most people enter into bankruptcy because they are experiencing financial hardship. Unfortunately, paying off your Chapter 13 bankruptcy early can have consequences and might not even be possible. Chapter 13 Bankruptcy and Disposable Income.

Chapter 13 Bankruptcy and Student Loans

Sawin & Shea

It’s no surprise then that thousands of individuals with student loan debt end up turning to bankruptcy for help. Though filing for bankruptcy may seem scary, there are many ways that it can help those drowning in debt get back on track. How Does Student Loans Bankruptcy Work?

How are Medical Bills Treated in Chapter 13 Bankruptcy?

Sawin & Shea

Filing for Chapter 7 or Chapter 13 Bankruptcy: Chapter 7 will wipe out (discharge) your medical debt along with other unsecured debt, but you must have low enough income to pass the means test in order to qualify for it. Chapter 13 bankruptcy is discussed below.

Common confusion between Chapter 7 and Chapter 13 bankruptcy

Roths Child Law

People who have too much debt and can’t make payments often declare bankruptcy to help relieve them of their financial obligations. Here’s what you should know: What is Chapter 7 bankruptcy? What is Chapter 13 bankruptcy?

Second Mortgage Lien Stripping With Chapter 13 Bankruptcy

Sawin & Shea

Chapter 13 bankruptcy offers the option of lien stripping. If you’re filing or considering filing for Chapter 13, you need to be aware of the process and advantages of lien stripping. It is not now available in Chapter 7 liquidation cases.

Does Chapter 13 bankruptcy discharge all your debts?

Roths Child Law

You may consider filing for bankruptcy if you’re in that spot. Some people will file Chapter 13 bankruptcy, which is informally known as a wage earner’s bankruptcy. . Many of those debts will be discharged once you’re done with the bankruptcy case.

What Are My Repayment Obligations Under Chapter 13 Bankruptcy?

Sawin & Shea

When you’re considering Chapter 13 bankruptcy, you’re also wondering how much of your debt you’d be obligated to pay back. Let’s take a look at a debtor’s obligations under Chapter 13 bankruptcy. What Is A Chapter 13 Bankruptcy Plan?

Why Car Insurance is Important During Chapter 13 Bankruptcy

Luftman, Heck & Associates.

Chapter 13 bankruptcy can help consolidate your debt so you can repay it, usually over 3 to 5 years. The post Why Car Insurance is Important During Chapter 13 Bankruptcy appeared first on Cleveland Ohio Bankruptcy Attorneys. Bankruptcy Chapter 13

How the Chapter 13 bankruptcy repayment plan works

Roths Child Law

When you file for Chapter 13 bankruptcy, you will create a repayment plan for your debts. Not all debts are the same or treated equally in a Chapter 13 bankruptcy. Chapter 13 means test is what determines the structure of your repayment plan.

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Roths Child Law

However, you can get rid of the financial and emotional pressure of being a debtor by filing for Chapter 7 or Chapter 13 bankruptcy. Both Chapters can help you start anew and discharge your debts, but they work differently. Chapter 13 doesn’t work the same way.

What does a Chapter 13 bankruptcy hardship discharge mean?

Roths Child Law

When you file for a Chapter 13 bankruptcy in Nashville, you likely will not receive a discharge until the completion of your repayment plan. Since Chapter 13 lasts for three to five years, one or more financial circumstances may arise to interfere with your repayment plan.

Chapter 13 Bankruptcy: Can You Buy Or Sell A House ?

Luftman, Heck & Associates.

After filing for Chapter 13 bankruptcy, you give up a lot of financial control to your bankruptcy trustee. Even though you keep possession of your property, like a home, it becomes part of your Chapter 13 bankruptcy estate.

How Long Will Chapter 13 Delay Foreclosure?

Sawin & Shea

Declaring bankruptcy can be incredibly daunting, but sometimes it’s the best option for moving forward to financial freedom. If you’re at risk of losing your home, Chapter 13 bankruptcy could be your best option. What Is Chapter 13 Bankruptcy?

Consumer Debt vs. Non Consumer Debt

Sawin & Shea

When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. If you’re considering filing Chapter 7 or Chapter 13 bankruptcy, consider enlisting the help of skilled bankruptcy attorneys.

What If My Income Increases During Chapter 13?

Sawin & Shea

Filing for Chapter 13 bankruptcy can be both challenging and stressful. One common question that filers have regarding the Chapter 13 process involves income increases and whether they affect payment plans. What If My Income Increases During Chapter 13 Bankruptcy?

Will I Lose Everything If I File for Bankruptcy?

Sawin & Shea

Many people hold misconceptions about filing for bankruptcy. Perhaps the most common misconception is the notion that filing for bankruptcy means that you lose all of your wealth and possessions. What Will I Lose When Filing for Bankruptcy? Other Indiana Bankruptcy Exemptions.

What Debts Will Remain After A Chapter 13 Discharge?

Sawin & Shea

Chapter 13 bankruptcy can wipe out most kinds of debts and leave you with a much brighter financial picture. But Chapter 13 can’t discharge all types of debt you’ve taken on. Which Debts Can Be Discharged By Chapter 13 Bankruptcy?

Study Shows Medical Debt Can Affect Your Health

Sawin & Shea

However, these negative impacts are not inevitable; you do have the option to take steps to either eliminate your medical debt or to make manageable payments towards it by filing for Chapter 7 or Chapter 13 bankruptcy.

Can You Convert Chapter 13 to Chapter 7?

Sawin & Shea

No matter who you are, bankruptcy can be an incredibly stressful process—but it doesn’t have to be. One question we get a lot from many of our clients when they are filing for bankruptcy or have already filed is, “Can I convert Chapter 13 to Chapter 7?” .

The Dangers of Hiding Assets in a No Asset Bankruptcy

Sawin & Shea

There are two primary types of bankruptcies that a person might file when struggling to pay their debts: Chapter 7 and Chapter 13. In a Chapter 13 bankruptcy , the debtor agrees to a payment plan instead of having their property taken to pay creditors.

What Is a Reaffirmation Agreement in Bankruptcy?

Sawin & Shea

Bankruptcy can be an overwhelming and challenging process. Understandably, this can make dealing with a bankruptcy seem impossible. However, as overwhelming as it all may seem, bankruptcy is often the best choice for many people, especially those who are struggling with crushing debt.

What Happens to Investment Real Estate in Bankruptcy?

Sawin & Shea

Filing for bankruptcy is an important step for many individuals looking to overcome debts. Your investment real estate’s outcome depends entirely on whether you file for Chapter 7 or Chapter 13 bankruptcy. Investment Real Estate in Chapter 7 Bankruptcy.

What Is a Personal Guarantee in Bankruptcy?

Sawin & Shea

A common question we receive from those considering bankruptcy is how it impacts personal guarantees. If you’re considering filing for bankruptcy, you need to consult with a bankruptcy attorney before signing a personal guarantee. Does a Personal Guarantee Survive Bankruptcy?

What You Need to Know if You Are Retired and Filing for Bankruptcy

Sawin & Shea

Since 1991, the number of retirees filing for bankruptcy has tripled , with 12.2% of all bankruptcies being filed by people 65 and older. However, though bankruptcy can be a good option, it is not always the best option, especially if you are retired.

How Does Bankruptcy Affect Your Job and Future Credit? 

Sawin & Shea

The stress leading up to a declaration of bankruptcy can be intense. You may also worry that your bankruptcy will become public knowledge and affect other aspects of your life. Let’s begin by discussing the ramifications of bankruptcy on your current employment. Bankruptcy Code.

What Property Can I Keep After Filing for Bankruptcy?

Sawin & Shea

The bankruptcy process involves looking at your assets. In a Chapter 7, or liquidation bankruptcy, some of your property may not be protected, and you could lose it. Most Chapter 7 filings are what we call a “no asset” case. Understanding Indiana Bankruptcy Exemptions.

How Much Debt is Needed to File for Bankruptcy?

Sawin & Shea

When facing bankruptcy, many wonder how much debt is needed to file bankruptcy. There is no minimum amount of debt you need in order to file for bankruptcy, but there are other critical factors you need to take into consideration before filing under Chapter 7 or Chapter 13.

How Many Months Must Be in a Chapter 13 Plan?

Sawin & Shea

Considering Chapter 13 bankruptcy? Chapter 13 bankruptcy takes a bit longer than Chapter 7, but it may be the best plan for you. Let’s look at the factors that determine how long a bankruptcy takes so you can get an idea of your bankruptcy’s timeframe.

Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Choosing Between Chapter 7 and 13. Are you considering bankruptcy? Whether it’s Chapter 7 or 13, you have options. Bankruptcy is a challenging, life-altering experience. . If you are considering consulting with an attorney about your debt-relief options, it is essential to remember that each type of bankruptcy comes with its advantages and disadvantages. . Chapters 7 and 13 of the Bankruptcy Code – Awareness.

What Is a Section 341 Meeting and How Do I Prepare?

Sawin & Shea

Shortly after you file for Chapter 7 or Chapter 13 bankruptcy, you will receive a notice for your section 341 meeting of creditors. With a bit of preparation, this is a simple part of the process that helps you move your bankruptcy along as quickly as possible.

Getting Approved for a Loan After Bankruptcy

Sawin & Shea

Many people assume that because they have filed bankruptcy, their credit is ruined, and they will not be able to qualify for any loans. Chapter 7 bankruptcy: In this type of bankruptcy, your non-exempt assets (if any) have been liquidated to pay off a percentage of your debts.

What is an Emergency Bankruptcy Filing?

Sawin & Shea

An emergency bankruptcy is a bankruptcy filing method that expedites the filing process to stop creditors and bill collectors from seeking debts from borrowers. Individuals can file an emergency bankruptcy, also known as a skeleton bankruptcy, under Chapter 7 and Chapter 13.

How Long Does a Bankruptcy Stay on Your Credit Report?

Sawin & Shea

If you are thinking of filing for Chapter 7 or Chapter 13 bankruptcy, or if you have already filed, you may be concerned about how long the bankruptcy will stay on your credit report. The situation is more complicated with Chapter 13 bankruptcy.

Do You Have to Get Debt Counseling Before Bankruptcy?

Sawin & Shea

Filing for bankruptcy is a process. As part of that process, the bankruptcy law requires that you get a certificate that evidences you did a pre-filing counseling session with an approved agency. It also talks about using repayment plans instead of declaring bankruptcy.