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.
What City and State Should I File for Bankruptcy In?
Last updated March 30, 2018. If you’re considering filing for bankruptcy, you might be confused on where you should file. Maybe you recently relocated to be closer to family or friends, were forced to move for a job or simply have ties to two locations. If you have connections to multiple places — or property…Read more
Does Texas Foreclosure Law Allow Deficiency Judgments?
Texas law allows lenders to pursue deficiency judgments after foreclosure A deficiency judgment arises when the proceeds from a foreclosure sale fail to satisfy the outstanding mortgage balance, and a lender wins a lawsuit seeking payment of the difference. The scenario looks like this – let’s say a home in Austin has a mortgage of…Read more
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Can I Be Denied a Job Because of Bankruptcy? It May Depend on Your Employer
Last updated Feb. 28, 2018. If you have a job, need to file bankruptcy, and are worried about getting fired because of it, you probably shouldn’t be. The U.S. Bankruptcy Code prevents employers from firing you just because you have filed for bankruptcy. However, if you are a job seeker, need to file bankruptcy, and…Read more
How Exemption Laws Work Inside and Outside of Bankruptcy
Exemption laws protect your property from creditors Inside of bankruptcy, exemption laws shield certain items of property from the bankruptcy trustee. Outside of bankruptcy, exemption laws protect your property from judgment creditors. The first rule to remember is that not all of your stuff is exempt. Each state and even the federal government have laws…Read more
Am I Protected by the Arizona Anti-Deficiency Statute?
Last updated Jan. 30, 2018. When most families purchase a home, they don’t envision ending up facing a foreclosure sale, but in states like Arizona where the housing market has been particularly hard hit, foreclosure is an all-too-common event. In cases where a home has plummeted in value, borrowers have two main concerns: I’m afraid…Read more
How Much Does It Cost to File Bankruptcy?
Everyone preparing to file for bankruptcy wants to know the cost. After all, bankruptcy usually comes at a time when money is tight. Below, we’ll talk about filing fees, attorney fees, the cost of filing on your own versus filing with an attorney, and what your expected total bankruptcy cost might be. Filing Fees and…Read more