When facing financial difficulties, it is important to explore all available options to regain control of your finances. Chapter 13 bankruptcy is one alternative that individuals with a steady job may consider. Understanding the benefits of Chapter 13 can help you...
chapter 13 bankruptcy
5 reasons to consider filing for Chapter 13 bankruptcy
According to USA Today, American household owe a combined total of $17 trillion in debt. Facing financial challenges can be overwhelming, and for some individuals, filing for Chapter 13 bankruptcy may provide a viable solution. This legal process, governed by the...
What is Chapter 13 bankruptcy?
Those overwhelmed by debt often consider filing either Chapter 7 or Chapter 13 bankruptcy. Chapter 13 bankruptcy, also known as "reorganization bankruptcy," is a legal process designed to help individuals with a steady income regain control of their finances while...
How bankruptcy impacts your credit
Overwhelming financial difficulties can be incredibly challenging to overcome. In certain cases, they can be near impossible to surpass without outside aid. Bankruptcy can provide relief from unmanageable debt. A common misconception that keeps many from using it is...
Does bankruptcy stop the foreclosure process?
The prospect of losing a home due to financial difficulties is a distressing reality for many homeowners. In January 2023, nearly 32,000 U.S. properties had foreclosure filings, according to real estate data company ATTOM. Individuals facing foreclosure often wonder...
Differences between Chapter 7 and 13 bankruptcies
Overwhelming debt can happen to anyone. For many people, bankruptcy is the only option. If bankruptcy is a potential option for you, consider the distinctions between Chapter 7 and Chapter 13 bankruptcies. What are Chapter 7 and 13 bankruptcies? Chapter 7 is a...
What protection will I get when filing Chapter 13?
Filing bankruptcy is a good move to get protection under the law from collection agencies or lenders. While this is a rather large step to take, it can allow you to save yourself from financial ruin. Making the decision to file can be difficult. You need to weigh the...
What debts can you discharge in bankruptcy?
Even though a Chapter 13 filing will lead to a repayment plan with the goal of repaying your debts, you may still discharge some debts in the process. Once you complete the repayment plan, the court will remove any dischargeable debts. But it is important to...
Is a debt collector trying to trick you?
Debt collectors must follow the Fair Debt Collection Practices Act (FDCPA) in order to ensure that they collect their money ethically. However, not every debt collector will abide by these standards. It is important to recognize debt collector misdemeanors and...
Advantages of Chapter 7 and Chapter 13 bankruptcies
Coming to the decision to file a bankruptcy can be stressful even when necessary. However, there are filing options available for people under differing circumstances. The most common are Chapter 7 and Chapter 13 bankruptcies and each has advantages. Advantages of a...