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 by: Walter Metzen
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…
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Posted by: Walter Metzen
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…
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Posted by: National Bankruptcy Forum
Am I Protected by the Arizona Anti-Deficiency Statute?
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 to lose my home. I’m…
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Posted by: Walter Metzen
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…
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Posted by: Rob Cohen
Will a Chapter 13 Plan Look Better on My Credit Report Than Chapter 7?
Many people find it difficult to choose between Chapter 7 or Chapter 13 bankruptcy. Both have their advantages and disadvantages depending on your financial situation, but which one stays on your credit report longer? Does Chapter 13 look better to creditors long term as you try to improve your credit score? The short answer to…
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Posted by: Walter Metzen
How Long Does Foreclosure Take?
If you’re running into trouble making your mortgage payments, you may be wondering: How long does it take for a bank to foreclose on your home? Most lenders will not begin foreclosure proceedings until a borrower is 3-6 months behind on their payments. Although missing a single payment is technically a default under the terms…
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