In bankruptcy law, it is often good to reiterate bankruptcy terms to the average layman. The more information you have about a particular circumstance, the more likely you will make better judgments in dealing with the circumstance. This article is being written to reiterate a better understanding of the chapter 13 bankruptcy. Continue reading
An individual or individuals owning a small business have a couple of choices for filing for bankruptcy protection in lieu of having to liquidate their assets in a chapter 7. Depending on your business circumstances, it can be complicated in determining what choices for filing you have under a chapter 11 or chapter 13 bankruptcy. Continue reading
Many times during a chapter 13 bankruptcy plan, a debtor will pay off a secured loan in the process. In removing a lien on a title of a secured asset, the lending institution has their rules about how to release the title and lien on the asset. How soon should the filing debtor expect to receive the title on a secured asset after paying off the loan in a chapter 13 plan? Continue reading
Should you ever file a chapter 13 bankruptcy when you can file a chapter 7 bankruptcy, just for the sake of convenience? The simple answer is that it all depends on your situation. There are circumstances that it is in your advantage for filing chapter 13 in lieu of a chapter 7. Continue reading
There are over 300,000 federal and state criminal laws in the United States, and there is an uncountable number of federal and state civil laws. Bankruptcy law falls in both the federal and state civil and criminal law status. When it comes to bankruptcy law, there should really be no wonder there are gray areas within all of these civil and criminal laws. Add a complicated type of bankruptcy, like a chapter 13 bankruptcy, to the mix, and you have a major recipe for gray areas within bankruptcy law. Continue reading
A chapter 13 bankruptcy is basically a reorganization plan for individuals or married people who file jointly. The idea is to take what disposable monthly income you make and pay off as much unsecured debt as you can over either a 3 or 5 year plan. What happens when things change in a chapter 13 plan?
Payment for back taxes are usually built into a chapter 13 bankruptcy plan. Most taxes are exempt from bankruptcy discharge and in order to pay the claims back, receive priority payment status in any bankruptcy plan. The arrears occurring prior to the bankruptcy filing date are built into the plan. Where does a tax refund go when a debtor is in a chapter 13 bankruptcy plan? Continue reading
You can suddenly lose your income, or you can even come into a windfall, but when things financially change for you, they can affect your chapter 13 bankruptcy plan.
In bankruptcy law, bifurcation is the splitting up of the responsibility to pay debts to your creditors. This can happen when there is a divorce during the time a married couple has filed a bankruptcy jointly. Normally, a divorce will effect a chapter 13 bankruptcy more than it will a chapter 7 bankruptcy if a bifurcation is the result. Continue reading
The better laid plans of mice and men do not always pan out the way they were intended, and the same can be said about filing for bankruptcy protection. When things go wrong in a Chapter 13 bankruptcy plan, what can you do? Continue reading