Chapter 13 Bankruptcy: Eight Important Facts

Are you struggling with debt? Filing for bankruptcy may help you get your finances back on track! Chapter 13 will allow you to establish a plan to pay off your debts over a period of 3 to 5 years. Another benefit of this chapter is that it may lower your monthly payments. Here are 8 important facts about Chapter 13.

Will I Lose my House if I File for Bankruptcy?

Do you want to avoid losing your precious home? If you own a home, Chapter 13 will help you save it from foreclosure. However, if your mortgage provider ends up finishing the foreclosure sale before you file a petition, you may lose your house. You can also lose your house if you don’t make your mortgage payments that become due after you file for bankruptcy.

Will I Have to Attend any Meetings?

After you file a petition, your trustee will set up a meeting with you and your collectors.Your collectors and the trustee will talk with you at the meeting and ask questions about the plan and your financial situation.


Does my Plan Require Approval by the Court?

Your plan must be approved by the court. Within 45 days after the meeting, the judge will hold a hearing and decide whether your debt repayment plan meets the standards for confirmation set forth in the Bankruptcy Code. Keep in mind that your collectors will have a chance to object to the confirmation.

Where do I Send my Plan Playments?

This chapter acts like a debt consolidation loan under which a debtor makes the payments to a court appointed trustee. The trustee then distributes the payments to the debtor’s collectors. Within thirty days after filing for Chapter 13, you must begin sending payments to your trustee. You will have to make payments on a regular basis, usually bi-weekly or monthly.

What Happens if I Fail to Make my Plan Payments?

Make sure you make all the payments to your trustee. If you don’t make your plan payments, the judge may dismiss your case or convert it to a Chapter 7 case. The judge may also convert or dismiss your case if you don’t pay any domestic support obligations that are due after you file for bankruptcy such as alimony or child support.

Will Filing a Petition Stop Collection Actions?

Are your collectors harassing you? Filing under this chapter puts an end to most collection actions against you. After you file a petition, your collectors will not be able to empty your bank account, garnish your wages, initiate or continue lawsuits, or call you and demand money. If you file for this chapter, you will not have any direct contact with your collectors.

Find a Bankruptcy Attorney Today

Only you can decide if filing for Chapter 13 bankruptcy is worth it for you. If you decide to go for it, make sure you hire a qualified bankruptcy attorney. Bankruptcy is a complicated process. An experienced lawyer who knows the laws is absolutely necessary if you want to be successful!

When it comes to filing for Chapter 13 Austin residents may be confused, intimidated or even not know where to go. Fortunately, knowledgeable professionals exist in the area to help. Learn more at http://www.bankruptcyattorneyofaustin.com/.

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Chapter 13 Bankruptcy Is A Viable Way To Eliminate Debt

In today’s society, almost every aspect of living requires money. Nothing is free. And many of the things you spend money on are continuous expenses, meaning you must pay for them monthly, weekly, or even daily. In order to do so, you not only must have a continuous source of income, but that income must be enough to cover your expenses. Due to the unfortunate condition of the United States economy, there are many people struggling to make a living. Finding a job is difficult, and finding one that pays well is even harder. When your expenses are overwhelming and your income is not enough, you may find yourself contemplating bankruptcy.

There are many different ways to file bankruptcy, each identified by the Chapter of the Federal Bankruptcy Act that describes it. Some chapters are better for people with no income, while others are best for employed individuals. Chapter 13 is suitable for someone who would like the opportunity to repay at least some debts under better circumstances, such as lower interest rates. This means it is best for a person with a steady income. The person’s debts are restructured, and a repayment plan is created. This allows the debtor to use his or her future income to repay debts.


The repayment plan thoroughly describes the details and schedule of payments. Under the U.S. Bankruptcy Code, the debtor has a limit of 5 years to pay off creditors. Depending on the circumstances and amount of debt, some people may not even need the full 5 years to complete a repayment plan. Sometimes, the debt settlement can be scheduled for only 3 years. A good bankruptcy lawyer can protect your interests in these filings, ensuring favorable terms and conditions for the repayment plan. The creditors do not have control over this process, and plan approval is given by the court-even if creditors disagree with it.

Chapter 13 is one of the most common types and has many advantages over some other chapters of bankruptcy. One of the biggest pros is that you are allowed to keep all of your property. Other types, such as Chapter 7, require you to surrender some assets to pay off creditors. Another advantage is that you are fully discharged from the plan once you have completed all of the necessary payments. Additionally, you may file Chapter 13 at any time, even if you have filed before. Under Chapter 7, you cannot file again for 6 years after the process is completed.

If you determine that bankruptcy is your best option, your first step is to consult an experienced attorney. He or she will inform you of all criteria for filing and help you decide whether Chapter 13 is right for you. You will need to prepare a budget that will allow you to adhere to the repayment schedule. The attorney will also help you deal with creditors and devise the plan. The biggest requirement for this type of bankruptcy is that you have a reliable and steady source of income. For example, if you only have part time work with fluctuating hours from week to week, you probably cannot commit to a strict payment plan. Your attorney can help you find the option that is most suitable for your circumstances.

In Fairfax Chapter 13 has helped countless local residents get their feet back under them again and see the light at the end of the tunnel of debt. Find out more at http://www.msandlerlaw.com/.

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How to Avoid the Bankruptcy Lawyer

There are times when all cards have been played and there’s nothing left to do except call in the bankruptcy lawyer. Wiping the slate clean can be a way to start over after devastating financial blows. There are steps to take beforehand to keep one’s financial life in the black. Here are some things to think about.

- Don’t count chickens before they’re hatched: Many individuals get into trouble with their checkbooks by counting on money that hasn’t yet been paid to them. This may include end of the year bonuses, the annual pay raise, selling one’s house and planning to make X amount of money. While this money may hit one’s bank account as planned, there’s also a chance that something could go awry. The boss may come to the end of the year holiday party and make the announcement that there won’t be bonuses after all. At one’s annual review, the supervisor may give the bad news about pay freezes. One’s house may not sell for the price that it was expected to draw. If a person has banked on the money which hasn’t arrived and spent it ahead of time, this could lead to big trouble. Don’t count chickens before they’re hatched.


- Save for a rainy day: Automatic depositing into a savings account on payday will be a way of saving cash before it’s even available. If an individual has a rainy day fund, when the car breaks down or there’s a layoff at work, there will be a cushion. Living without an emergency fund is like walking the tightrope without a net.

- Live below one’s means: The American way is to strive for bigger and better. That’s one of the reasons the whole country is scrambling. In order to play it safe and alleviate a whole lot of economic stress, it’s wise to live below one’s means. A smaller house, a less expensive vacation, sharing a car with one’s spouse, buying resale items – these are all ways to live below one’s means and still be comfy.

- Cook at home: Restaurant meals add up quickly. In fact, the price of one dinner out at a fancy restaurant could pretty much feed a couple of people for a week. Home cooking is healthier, too. Buying the freshest produce at the farmers’ market, looking for the leanest meats or firmest tofu at the grocery store and trying new recipes will be good for one’s physique and wallet.

- Cut up the plastic: If a person has to rely on plastic to live, it’s only a matter of time before the walls come tumbling down. Before becoming dependent on a rectangle of plastic, cut costs wherever possible. If you can’t afford something today, you won’t be able to afford it tomorrow with interest added on. Don’t fall for the credit card companies’ hype.

If a person does hit the financial wall even after trying their best to dig out or stay out of debt, contacting the bankruptcy lawyer will be a good plan. Letting one’s health and relationships suffer due to stressful money trouble is not worth it.

When the worst happens and they need to consult with a bankruptcy lawyer Charlotte citizens know that a qualified legal professional is there to aid them through troubled times. Don't fret: for more information, visit http://www.bankruptcyattorneyatlaw.com/.

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Chapter 13 Bankruptcy: Eight Important Facts

Are you struggling with debt? Filing for bankruptcy may help you get your finances back on track! Chapter 13 will allow you to establish a plan to pay off your debts over a period of 3 to 5 years. Another benefit of this chapter is that it may lower your monthly payments. Here are 8 important facts about Chapter 13.

Will I Lose my House if I File for Bankruptcy?

Do you want to avoid losing your precious home? If you own a home, Chapter 13 will help you save it from foreclosure. However, if your mortgage provider ends up finishing the foreclosure sale before you file a petition, you may lose your house. You can also lose your house if you don’t make your mortgage payments that become due after you file for bankruptcy.


Will I Have to Attend any Meetings?

After you file a petition, your trustee will set up a meeting with you and your collectors.Your collectors and the trustee will talk with you at the meeting and ask questions about the plan and your financial situation.

Does my Plan Require Approval by the Court?

Your plan must be approved by the court. Within 45 days after the meeting, the judge will hold a hearing and decide whether your debt repayment plan meets the standards for confirmation set forth in the Bankruptcy Code. Keep in mind that your collectors will have a chance to object to the confirmation.

Where do I Send my Plan Playments?

This chapter acts like a debt consolidation loan under which a debtor makes the payments to a court appointed trustee. The trustee then distributes the payments to the debtor’s collectors. Within thirty days after filing for Chapter 13, you must begin sending payments to your trustee. You will have to make payments on a regular basis, usually bi-weekly or monthly.

What Happens if I Fail to Make my Plan Payments?

Make sure you make all the payments to your trustee. If you don’t make your plan payments, the judge may dismiss your case or convert it to a Chapter 7 case. The judge may also convert or dismiss your case if you don’t pay any domestic support obligations that are due after you file for bankruptcy such as alimony or child support.

Will Filing a Petition Stop Collection Actions?

Are your collectors harassing you? Filing under this chapter puts an end to most collection actions against you. After you file a petition, your collectors will not be able to empty your bank account, garnish your wages, initiate or continue lawsuits, or call you and demand money. If you file for this chapter, you will not have any direct contact with your collectors.

Find a Bankruptcy Attorney Today

Only you can decide if filing for Chapter 13 bankruptcy is worth it for you. If you decide to go for it, make sure you hire a qualified bankruptcy attorney. Bankruptcy is a complicated process. An experienced lawyer who knows the laws is absolutely necessary if you want to be successful!

When it comes to filing for Chapter 13 Austin residents may be confused, intimidated or even not know where to go. Fortunately, knowledgeable professionals exist in the area to help. Learn more at http://www.bankruptcyattorneyofaustin.com/.

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Bankruptcy Law: Chapters 7 & 11

The differences between Chapters 7 and 11 bankruptcy law are numerous. This is due mainly to the legal debt solution structure. Though Chapter 7 can be used by both businesses and consumers alike, it has become more difficult for individuals to file since the 2005 reform laws went into effect. Chapter 11 is used mainly by corporations as a restructuring procedure, and does not mean that the business in question has to dissolve, unlike businesses utilizing Chapter 7. In this article, we will walk you through the differences between Chapters 7 & 11.

Chapter 7 For Individuals...


Individuals interested in filing for Chapter 7, which works to alleviate virtually all debt, must meet the standards set forth in the reform laws of 2005. This is due to many individuals abusing the system. These days, individuals looking for a fresh start are required to make less than the average income for the state in which they reside. In addition, individuals will be require to seek credit counseling prior to the federal bankruptcy court accepting their paperwork. Because of this, many individual are being pushed to Chapter 13 programs, which works as a debt repayment, supervised by the court.

Chapter 7 For Businesses

Companies that are unable to pay off their debt are also allowed to file for Chapter 7, though, they remain unaffected by the 2005 reformation. Any assets from the business are sold off to creditor losses, essentially putting an end to that particular company. In some cases, a trustee is able to sell assets from the company to other businesses as a way to minimize layoffs as a result of the filing.

Chapter 11

The vast majority of Chapter 11 filings are from corporations and businesses, however some instances may see that proprietor of the business doing the filing on their own. This option offers businesses the opportunity to restructure and repay their debts via a court-supervised program. Courts may decide that some contracts are unfair and make repayment unnecessary. Businesses who have file under Chapter 11 are not allowed to be listed on the public stock exchange. In most cases, companies who decide to file will eventually collapse.

Reform Effects

As stated above, the 2005 reform did not affect businesses. This has caused quite a bit of controversy, especially following the Enron Corporation case in early 2001. A great deal of individuals lost retirement accounts and fraud suspicions were abundant. Many critics have stated that the courts should have chosen to pay more attention to shady business practices than individuals going through a rough patch. But at least for now, it stands that individuals hoping to declare will have to undergo a bit more debate and hassle during the filing process than corporations.

If you are interested in learning more about the debt relief area, the best place to turn is the office of an experienced attorney who specializes in bankruptcy law. He or she will be able to evaluate your individual situation and offer up advice on how best to deal with it.

When it comes to bankruptcy law Kansas City attorneys have helped countless local residents eliminate their debt and relieve constant creditor calls. Find out more at http://www.lawinkc.com/.

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A Bankruptcy Attorney Will Protect Your Interests

A bankruptcy attorney has the knowledge you need to help guide you through the process. They are not there to judge you for your previous actions, but will provide you with the skills you will need for proper representation. They know that this could happen to anyone if they experience an emergency that would necessitate being out of work with no income. They know how to handle the creditors and what can be done to stop them from harassing you. If you are riddled with large debt without a way to pay it off, this may be the best solution for you.

A bankruptcy attorney will invite you into his office for a free consultation. This is the time you can ask about any concerns and the lawyer will have a list of questions for you as well. He will take the answers that you give and decide what would be best for your situation. They will see to it that the proper paperwork gets filed as soon as possible to expedite your case and begin to protect your interests. No one really looks forward to dealing with debt or a possible bankruptcy. A lawyer will have the skills to be successful with the process.


Because the information you will be giving is so sensitive in nature, you will want to find a bankruptcy attorney that you will feel comfortable talking about all of these details. It is difficult to relive and rehash situations that make you feel uncomfortable. Maybe you made mistakes and are the reason for the money troubles. It doesn't really matter, your lawyer is there to help you get out. This is what he is paid to do. He will file all of your paperwork and save you from embarrassment.

It is a rude awakening to figure out that even if you were to stop spending money, you can not afford to pay for the existing bills that you have accumulated. The lawyer is skilled to help people just like you who mean to pay your bills but let them get out of control and may not even know how. The lawyer stays on top of the laws and is familiar when their is a change in any of them. This is why it is so important to find one who specializes in bankruptcy

Many people have recently found themselves in the situation with large bills pending and no cash on hand to pay them. This becomes an impossible situation if there will be no cash on hand in the future that is enough to pay them off. Many people got stuck when they purchased an expensive home and the housing market plummeted. They also found themselves without a job with no way to even make a proper attempt to pay the household bills. A good lawyer will help guide you through the process with respect and compassion.

If you are experiencing crushing debt and are considering filing for relief, a qualified Tampa bankruptcy attorney can provide sage advice to get you through this difficult time. Find out more at http://www.bankruptcylawyerintampa.com/.

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Might Medical Debts Be Included In Personal Bankruptcy?

After having suffered with an injury or illness, you might find yourself staring at thousands of dollars in medical bills. Unfortunately, a lot of people in your situation end up filing bankruptcy because they are not able to keep up with payments on their health care bills and regular bills.

Sadly, at least for the health care providers, is usually that medical bills to health professionals and medical facilities are typically considered as unsecured debt and provided everything also included in an individual bankruptcy filing is precise, will generally be wiped clean in a Chapter Seven individual bankruptcy filing.

All those hoping to get out of debt that really feel a moral responsibility to pay medical providers have a couple of choices to pay their bills, like filing Chapter 13 personal bankruptcy, if they qualify. Although, when declaring bankruptcy all outstanding bills are required to be listed and will end up part of the individual bankruptcy.

All your creditors can file with the personal bankruptcy court to obtain a portion of assets sold as part of the bankruptcy. But, in a lot of cases the creditors for health-related expenses write off the total amount owed. Needless to say, medical providers can refuse to treat anyone who has filed bankruptcy including medical bills previously. Emergency service will often be available by unexpected emergency care providers to a sufferer when they have placed their bills in a bankruptcy proceeding, but they can refuse any non-urgent threatening products and services.


People qualifying for Chapter 13 personal bankruptcy will pay off all of their bills, which includes their medical debts by using a payment plan authorized by the bankruptcy court trustee. It may take 3 to 5 years to extinguish all the bills, according to the amount of the debt and the filer's income. Even so, doctors never mind waiting because they can be guaranteed they'll receive money.

Undoubtedly, many medical procedures of aesthetic nature will not be considered unsecured loans. This is the reason many medical providers do not accept payment options on specified procedures. Procedures done strictly for cosmetic purposes usually require payment in advance since there isn't something that can be reclaimed such as a motor vehicle or a home in order to have collateral on the loan.

If you have found yourself overwhelmed with a lot of money in medical bills and unable to make installments on them or your many other bills, contact a bankruptcy lawyer immediately. The longer you disregard your debt, the more burdensome it can become. Explore your financial options with a a bankruptcy lawyer to be certain bankruptcy is the proper answer for your problems and after that make a change to get yourself on the road to being free of debt. A personal bankruptcy legal representative can also assist you with all bankruptcy filing paperwork, if you choose to file Chapter 7 or Chapter 13.

The Seattle bankruptcy attorneys of Northwest Debt Relief Law Firm are committed to helping people throughout both Oregon and Washington get out of debt, including, where appropriate, filing petitions for relief in the United States Bankruptcy Courts. Regardless of the type of bankruptcy filing, Northwest Debt Relief Law Firm can help you get a fresh start and get your personal finances back on track.

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