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Chapter 13 Bankruptcy

In contrast to the relatively quick Chapter 7 process, Chapter 13 bankruptcy is a reorganization of a consumer’s finances that allows them to pay back something to creditors over a 3-5 year period based on their income for a family of their size. With the help of a bankruptcy attorney, Chapter 13 filers create a payment plan that allocates their disposable income to make a monthly, consolidated payment to creditors. We’re sure the reader would like to know: what constitutes disposable income? For purposes of bankruptcy, disposable income means what you have left over after subtracting allowed expenses from your gross earnings. Some expenses will be determined by your actual out-of-pocket costs; others will be set by national local standards as calculated by the IRS. The less disposable income you have, the lower the percentage of unsecured debts you pay back to creditors throughout the life of your Chapter 13 plan. At the end of the process, debts that remain outstanding are discharged.

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Posted On: June 3, 2014

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Are You Judgment Proof?

Last updated June 28, 2017. We all know why people are filing for bankruptcy. With a tepid recovery, jobs are hard to find, home values are still low, and fear and uncertainty are preventing business owners from expanding their businesses. The costs of health care are rising even with the Affordable Care Act in play….

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Posted On: April 29, 2014

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Posted by: John O'Connor

What Property Can I keep In A Bankruptcy?

Filing bankruptcy doesn’t have to mean losing all of your property People considering bankruptcy often have the misperception that they will lose all of their property if they decide to file. Fact is, only non-exempt property will be eligible for sale in a chapter 7 bankruptcy. What does this mean? As a matter of public…

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Posted On: April 26, 2014

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How Often Can You File for Bankruptcy and Receive a Discharge?

Last updated Sept. 19, 2017. While you can file bankruptcy as many times as you like, you can only receive a discharge every so often. Wiping away debts and getting a fresh start through the bankruptcy discharge is the primary goal of most debtors. The question then is not really “how often can you file…

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Posted On: March 23, 2014

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Posted by: John O'Connor

Why Chapter 13 Bankruptcy Has Your Second Mortgage Lender Feeling “Undersecured”

Americans Owe More Than Their Homes are Worth Even though the worst days of the housing crisis are behind us, many Americans owe more on their mortgages than their homes are worth. Some are severely underwater. With banks generally unwilling to offer lasting mortgage modifications, many consumers feel out of options when dealing with a…

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Posted On: March 14, 2014

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Posted by: John O'Connor

I’ve decided to file for bankruptcy, do I need to go through with my short sale?

The benefit of continuing with a short sale after you’ve decided to file for bankruptcy will hinge on the type of bankruptcy you plan on filing. If you have decided to file for chapter 7 bankruptcy and are currently trying to sell a home via short sale, there is usually no reason to continue with…

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Posted On: March 12, 2014

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What City and State Should I File for Bankruptcy In?

What City and State Should I Look For a Bankruptcy Attorney In? Maybe you have recently relocated to be closer to family or friends, were forced to move for a job or, simply have ties to two locations. To make matters a little more uncomfortable, you’re in financial distress and are considering hiring a bankruptcy…

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