When facing financial hardship, opting for a debt reorganization can offer a way to regain stability. Among the two most common types of personal bankruptcy — Chapter 7 and Chapter 13 — the latter is suitable for individuals with a steady source of income. While...
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Chapter 13 Bankruptcy
What is the role of a trustee in a Chapter 13 repayment plan?
In a Chapter 13 bankruptcy, the trustee plays a crucial role in managing the debtor's repayment plan. Understanding what a trustee does can help those navigating this process feel more informed and prepared. Reviewing and approving the repayment plan The trustee...
What if a filer making Chapter 13 payments loses their job?
People sometimes call Chapter 13 bankruptcy a wage earner's plan. The goal is to help someone with a reasonable income and valuable property take control over frustrating financial challenges. Instead of liquidating certain assets before quickly discharging their...
How Chapter 13 bankruptcy affects professional licenses
Chapter 13 bankruptcy allows individuals to reorganize their debts while keeping their assets. If you hold or seek a professional license, it is important to understand how bankruptcy could affect your professional standing. Knowing these potential impacts can help...
Selling your home during a Tennessee Chapter 13 repayment plan
If you're facing financial challenges and are under a Chapter 13 repayment plan in Tennessee, you may wonder about selling your home. Reviewing some guidance around Chapter 13 repayment plans can be helpful. Understanding Chapter 13 repayment plans Chapter 13...
How long do filers make payments in a Chapter 13 bankruptcy?
Chapter 13 bankruptcy is one of the most common forms of bankruptcy. People with valuable property or above-average income file for Chapter 13 proceedings because they do not qualify for Chapter 7 bankruptcy. Others may choose a Chapter 13 filing because they want to...
Are you eligible for Chapter 13 bankruptcy?
The option of Chapter 13 bankruptcy, also referred to as a wage earner's plan, is available to people who have a steady source of income. It can assist them in rearranging their debts and coming up with a reasonable payback schedule. However, before filing for Chapter...
When should you modify your Chapter 13 repayment plan?
Filing for Chapter 13 bankruptcy offers you a chance to avoid liquidation by completing a repayment plan to pay at least some of your outstanding amounts over time. If you fear you might have trouble sticking to the plan, understand that a repayment plan is not set in...
Why should someone consider chapter 13 bankruptcy?
You may be one of the many Americans who struggle with debt. Many people find themselves in difficult financial situations through unexpected situations such as job loss, a medical emergency and more. It does not take long to accumulate balances you can no longer...
How the Chapter 13 repayment plan works
Bankruptcy can be a daunting term, but Chapter 13 offers a structured way for individuals to manage their debts and get back on track financially. This plan works by creating a repayment schedule that allows debtors to gradually pay off their debts over a period of...