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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. For experienced Chapter 13 bankruptcy attorneys in Indiana , contact the offices of Sawin & Shea, LLC.

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Does Chapter 13 Wipe All of Your Credit?

Sawin & Shea

Chapter 13 bankruptcy is an invaluable financial tool for those struggling with overwhelming debt, and it can pave the way for a fresh start. Unlike Chapter 7 , Chapter 13 bankruptcy allows you to avoid liquidating your non-exempt assets. What Is a Chapter 13 Bankruptcy Filing?

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What Are Preferential Payments in Bankruptcy?

Sawin & Shea

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. Which creditors can they pay? This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first.

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What Should You Know About Medical Debts & Bankruptcy?

Sawin & Shea

However, while bankruptcy can help, it’s important to understand how the process works, especially concerning your medical debt. At Sawin & Shea, our team of Chapter 7 and Chapter 13 bankruptcy lawyers is here to help. Many Chapter 13 Debtors pay pennies on the dollar back to their unsecured creditors.

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

Debt Free Colorado

Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter 13 and Chapter 7. You should get legal assistance from a knowledgeable bankruptcy attorney in Denver. The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy.

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What Is Nonexempt Property In Bankruptcy, And Why Does It Matter?

Debt Free Colorado

In Chapter 7 bankruptcy proceedings, the phrase “non-exempt property” refers to a debtor’s estate property that does not qualify for a statutory exemption. ” The Trustee has the authority to seize and liquidate non-exempt property to benefit creditors. .” Non-Exempt Assets.