Will Filing for Chapter 13 Bankruptcy Erase All Debt?
Filing for Chapter 13 bankruptcy allows you to reorganize your debts, catch up on unpaid mortgage payments and other loans, and repay your debts by establishing an affordable repayment plan. Also called the Wage Earner’s Bankruptcy, Chapter 13 is a viable option if you earn a regular income but have accumulated substantial debt and are…
The Role of a Bankruptcy Trustee in Chapter 7 Cases
Also known as liquidation bankruptcy, Chapter 7 is a type of bankruptcy that allows you to sell or liquidate nonexempt possessions to pay back creditors. If you qualify for Chapter 7, the court will appoint a bankruptcy trustee to oversee and administer the case. A bankruptcy trustee has a range of responsibilities, from reviewing the bankruptcy…
Can I Pay Off Chapter 13 Bankruptcy Early?
If you had to file for Chapter 13 bankruptcy due to unfortunate circumstances that made it difficult for you to handle your monthly debt payments, this can help you pay off your debts, reduce the amount of your monthly payments, and may allow you to keep your home and save it home from foreclosure. However, there…
Does Chapter 13 Bankruptcy Wipe Out All Debt?
The decision to file for bankruptcy is a significant one. It can provide relief from overwhelming debt but also carries long-term financial implications. Considering this option, you may wonder: does Chapter 13 bankruptcy wipe out all debt? Let us explore the answer in detail. Understanding Chapter 13 Bankruptcy Chapter 13 bankruptcy, often referred to as…
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a legal option to discharge unsecured debt and completely regain control of your finances. It is often called “liquidation” or “straight” bankruptcy because all non-exempt possessions or assets must be sold to repay your creditors, and there are no drawn-out repayment plans. A large percentage are filed as “no asset” cases,…
How Ordering Your Credit Report Can Help You in Bankruptcy
How Ordering Your Credit Report Can Help You in Bankruptcy Our firm recommends that each of our clients filing for bankruptcy obtain a credit report for the reasons listed below. If you are married, we recommend obtaining credit reports for both you and your spouse. Not every creditor reports debts to a credit bureau, so…