Chapter 13 Bankruptcy

Filing a Bankruptcy when facing a Foreclosure

Role of Bankruptcy in stopping a foreclosure Filing for bankruptcy is a sure shot way to stop your house from foreclosure. Not only will it stop the immediate sale of your abode, but also help you to catch up on your due payments along with managing your other debts quite efficiently. An automatic stay will be triggered as soon as you file for Chapter 7 or a Chapter 13 bankruptcy. This will prevent the creditors from practicing various collection activities like repossession, eviction, court case, collection calls, and even foreclosure. However, this may not be true in few [...]

2020-05-19T06:29:43+00:00

Anatomy of a Chapter 13 Bankruptcy

The Reorganization of debts in Chapter 13 Bankruptcy When you file for bankruptcy under chapter 13, the debts are paid off through a repayment plan which is generally administered by a trustee appointed by the court. These debts need to be paid either in full or part (only in case where a discount is permitted). When you file for bankruptcy under chapter 13 (also known as the reorganization bankruptcy), you get the protection of three to five years during your repayment period from the bankruptcy court. Those who generally don’t qualify for chapter 7 Relief, chapter 13 is [...]

2020-05-18T10:05:58+00:00

Is there any possibility that the Bankruptcy Court will accept my Tax refund?

Getting the claim of a Tax Refund is one of the most crucial aspects of filing for bankruptcy. It is quite a valuable asset, both to the filer as well as the bankruptcy creditor. And both the parties want to try to get the maximum claim portion out of it. To increase your chances of getting the maximum portion of the claim, it is important that you hire a professional attorney with experience in this field. As, multiple factors depend on who gets the maximum portions like – the Chapter under which you file for bankruptcy, when you [...]

2020-05-13T07:09:00+00:00

Does the Bankruptcy Court have the right to take Earned Income Credit?

Filing for bankruptcy puts everything you own in your bankruptcy estate. This includes your property as well as tax refunds. In case you have an Earned Income Credit (EIC), the refund can be significant and might be lost in the bankruptcy process. According to Dallas based law firm, the bankruptcy trustee might take your EIC depending on the bankruptcy chapter you filed and bankruptcy exemptions you chose. What is EIC? Tax is cut from the paycheck every month. Sometimes the tax is more than what you owe, and you get a tax refund. It is essentially a repayment [...]

2020-05-12T06:28:59+00:00

Could You Get the Bankruptcy Court Fees Waived?

According to lawyers of Los Angeles based firm, the court system is expensive and therefore even people who file for bankruptcy need to pay a filing fee to cover the costs. However, for those who cannot afford to pay the fee, the exemption is made provided they can meet the required qualifications. Alternately, the option of paying the bankruptcy filing fee in installment is also available. Here’s everything you wanted to know about the bankruptcy fee waiver. Who can get a fee waiver? If you wish to get a fee waiver then you need to meet the following [...]

2020-04-27T08:33:47+00:00

Homosexual Spouses Allowed A Joint Petition

Call: 888-297-6203 A homosexual couple got permission for filing a joint petition in a Chapter 13 bankruptcy case despite the argument of the Trustee that their marriage is illegal under the Defense against Marriage Act (DOMA), as only the couples who are legally married can file joint petitions in bankruptcy. But on June 13, 2011, a bankruptcy court in California denied the dismissal of a joint Chapter 13 bankruptcy case for homosexual couple debtors. Under 11 U.S.C. 302(a), gay spouse debtors are permitted to file a single petition. The court’s statement was: “In this court’s judgment, no legally [...]

2019-11-27T12:29:34+00:00

Difference Between Chapter 7 and Chapter 13

Call: 888-297-6203 People who can no longer pay their debts are offered help in the form of bankruptcy. They can either settle their debts by liquidating their assets or repaying the creditors through a repayment plan. The former takes place in Chapter 7 bankruptcy cases, while the latter occurs in chapter 13. Dallas based bankruptcy law firm Recovery Law Group says, the chapter of bankruptcy you file under depends on your income, assets, debts and your ultimate financial goal. Chapter 7 bankruptcy This is one of the most common chapters of bankruptcy file in the US. Individuals, married [...]

2019-10-30T11:04:41+00:00

Inability to Follow the Chapter 13 Monthly Payment Plan

It is very difficult to decide whether to file for a Chapter 13 bankruptcy or not. The main reason it is a difficult decision to make is that it might come with a lot of limitations. In Chapter 13 bankruptcy, your lawyer and your bankruptcy trustee (appointed by your court) make a feasible repayment plan, in which you are supposed to make monthly payments to the trustee for 3 to 5 years. At first, it might sound convenient for you, but later, you come to know more. Your household size, household income, and debts decide your Chapter 13 [...]

2019-10-30T10:49:19+00:00

Can Student Loans be Discharged in Chapter 13 Bankruptcy?

Unlike chapter 7 which is a liquidation bankruptcy, chapter 13 involves the reorganization of debts. Student loans are priority debts that cannot be discharged during any bankruptcy chapter unless you can prove hardship. In the case of chapter 13, you can include them with the court’s permission in your repayment plan. Surprisingly, say Dallas based bankruptcy law firm Recovery Law Group many people are unaware that student loans cannot be modified, hence they do not include them. However, these debts can be reduced as well as modified during bankruptcy. Chapter 13 bankruptcy involves a repayment plan which can [...]

2019-10-22T12:57:10+00:00

What are the Filing Requirements in a Chapter 13 Bankruptcy?

Call: 888-297-6203 Any individual, sole proprietor, a self-employed or an unincorporated business owner can file for chapter 13 bankruptcy if they are struggling to pay off a huge amount of debt. Unfortunately, corporations and partnerships do not have the luxury to opt for this option. Unlike chapter 7, chapter 13 has debt limits for qualifying under this bankruptcy chapter. This limit is tied to consumer price index say Los Angeles based bankruptcy law firm Recovery Law Group lawyers. Currently, individuals having an unsecured debt of up to $360,475 and secured debt up to $1,081,400 are eligible to file [...]

2019-10-18T12:29:15+00:00
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