When facing financial difficulties, filing for bankruptcy can provide individuals and businesses with a fresh start. Chapter 13 bankruptcy is one option available under the United States Bankruptcy Code. While Chapter 7 bankruptcy involves the liquidation of assets to pay off debts, Chapter 13 allows debtors to create a repayment plan over a few years.
The Purpose of Chapter 13 Bankruptcy
Chapter 13 bankruptcy, or a wage earner’s plan, is designed for those with a regular income who are struggling to repay their debts. Read More»
Filing for bankruptcy is never an easy decision, but choosing which type of bankruptcy to file does not have to be as difficult. In fact, when you are looking for a solution that allows you to repay your debts under a different repayment schedule, Chapter 13 might be the solution you need. The more you understand about the Chapter 13 process and the expectations, the easier it will be for you to succeed. Read More»
Did you fail to file your taxes a few times? If you don’t file your taxes, the IRS will know and might come after you for the taxes you owe. Having the IRS hounding you for taxes isn’t a great place to be, as they can use various techniques to collect this money. So, what should you do if you owe money for back taxes? Here is a guide to help you know what you can do about it. Read More»
Many people think their bankruptcy journey ends once they receive their discharge papers. Unfortunately, that’s not always the case. Sometimes the court will move to revoke a petitioner’s discharge over claims the person committed fraud, hid assets, or engaged in some other prohibited act. Here’s what can happen if the court successfully cancels a debtor’s bankruptcy discharge.
All Bills Become Due Again
The most devastating outcome of having a discharge revoked is you lose the protection from creditor collection action it provides. Read More»
If you owe a lot of money on various debts, you might reach a point where you cannot afford to pay all your bills. You might start skipping some payments, and you could fall behind on your mortgage payments. If this occurs, you should consider using Chapter 13 bankruptcy for relief. Here are three facts about Chapter 13 to help you understand how this branch works.
1. It Offers a Legal Way to Consolidate Debts Read More»
