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Posts tagged "Chapter 13 bankruptcy"

If you want to save your home, try Chapter 13 bankruptcy

Many times, people begin to look into bankruptcy only when they realize that they could lose their homes. When it's only creditors calling about medical bills or credit card debts, it may not seem like there is much to lose. However, when it's your home on the line, the reality of the situation may finally set in.

Why choose Chapter 13 bankruptcy? Is it better than Chapter 7?

Chapter 13 bankruptcy is not the liquidation bankruptcy that you probably think of when you imagine someone going through one. Instead, this form of bankruptcy is much like a consolidation and repayment plan for debt.

What do you need to do to get a Chapter 13 bankruptcy?

There are many different kinds of bankruptcy, which is why it can be difficult to decide which one you want to pursue. If you still earn a decent income and have some ability to pay back what you owe, you may want to consider Chapter 13 bankruptcy.

The pros and cons of bankruptcy should be weighed

A Chapter 13 bankruptcy can be very beneficial if you cannot qualify for a Chapter 7 bankruptcy. A Chapter 13 bankruptcy has many pros and cons, but if you are struggling with debt and having a hard time making ends meet, it could be the solution that you need.

A hardship discharge could help with your Chapter 13 concerns

If you are considering a Chapter 13 bankruptcy, something you might also be worried about is not being able to make your monthly payments on time for the length of the bankruptcy. This is something that you should discuss with your attorney because there is a possibility of a Chapter 13 hardship discharge if you're unable to complete the program in some cases.

If you're struggling, it might be time to consider bankruptcy

You've been working hard to stay out of debt and to make sure you can pay your bills, but the debts have really piled up. You tried not to add to it, but you've found that your interest rate is making your debt grow even though you're paying the minimum payments each month.

Worried about bankruptcy? Don't, because it can help

Chapter 13 bankruptcy is not the same as Chapter 7, yet it often gets the same amount of disdain from those who talk about it. While bankruptcy is often perceived negatively, the reality is that any kind of bankruptcy can have benefits for the person who is struggling financially.

How to strip a lien in bankruptcy

Individuals who file for Chapter 13 bankruptcy in Tennessee could potentially have a second mortgage lien stripped. Chapter 7 cases only deal with unsecured debts, and this is why a lien cannot be stripped in a liquidation bankruptcy. Typically, debtors are allowed to have the lien stripped after completing a three- or five-year repayment plan. During the repayment period, the second mortgage balance will be converted from secured to unsecured debt.

What a trustee does in a Chapter 13 case

When a debtor chooses to file for bankruptcy, a trustee is assigned to oversee the case. This is because the debtor's property is put into a bankruptcy estate, which is a separate entity from the person who is filing for bankruptcy. This is generally true whether a person is filing for bankruptcy in Tennessee or any other state, and it is also true whether an individual is pursuing a Chapter 7 or 13 proceeding.