Tag archive for ‘Chapter 13 bankruptcy’
I Can’t Complete My Chapter 13 Plan, Can I Still Get Debt Relief?
by Drew Broaddus on 8/26/10 | 0 Comment(s)
As I have discussed previously at the National Bankruptcy Forum, a Chapter 13 Bankruptcy is also called a wage earner’s Plan. It enables people with jobs to develop a plan to repay all or part of their debts when they’re having trouble. Under chapter 13, debtors propose a repayment plan to make installments to creditors over [...]
How Many Times Can I File for Bankruptcy and Receive a Discharge?
by Drew Broaddus on 8/22/10 | 0 Comment(s)
While you can file bankruptcy as many times as you like, “wiping away” debts and getting a fresh start through the bankruptcy discharge is the primary goal of most debtors. The question therefore is not really “how many times can I file for bankruptcy?” as much as it is how often can I receive a [...]
Do I Have Too Much Debt To File Chapter 13 Bankruptcy?
by Moderator on 8/12/10 | 0 Comment(s)
It is certainly possible to have too much disposable income to qualify for chapter 7 bankruptcy thanks to the means test. Is it also possible to have too much debt to then file for chapter 13 bankruptcy? Often referred to as a wage earner’s plan, chapter 13 bankruptcy enables individuals earning a living but hampered by excessive [...]
Qualifying For Chapter 7 Bankruptcy: The Means Test Made Simple (Sort of)
by Moderator on 7/26/10 | 0 Comment(s)
Much has been written about the now infamous means test; Congress’ answer to the credit card lobby’s complaints that too many Americans who could afford to pay back some of their debts were allowed to file for chapter 7 bankruptcy. The means test effectively tries to divert some consumers with “above average” income into a [...]
Student Loans, Co-signers and Undue Hardship
by Richard Stokan on 7/09/10 | Comments Off Comment(s)
As a general rule, student loans are “non-dischargeable” debt, which means the debt will remain after a Chapter 7 or Chapter 13 bankruptcy. This applies to both the original debtor and any co-signor. If you cosign on a student loan, filing for bankruptcy protection will not eliminate the debt. As with any debt involving a [...]
Are You an Appraisal Away From a Mortgage Modification?
by Moderator on 7/05/10 | 0 Comment(s)
PROBLEM: MORTGAGES AREN’T BEING MODIFIED Oh, how much easier life would be for homeowners if all that was needed for a mortgage modification was an appraisal. In today’s troubled housing market it does seem equitable, doesn’t it? Demonstrate to your lender that you owe far more than your home is worth, and of course, that [...]
Modifying a Chapter 13 Plan After Confirmation Can Be Challenging
by Drew Broaddus on 6/18/10 | 0 Comment(s)
As discussed previously here, Chapter 13 Bankruptcy is referred to as a wage earner’s Plan. It enables individuals with regular income to develop a repayment plan for all or part of their debts. Under this Chapter, debtors propose a plan to make installments to creditors over three or five years. If the debtor ’s current [...]
Most Bankruptcy Lawyers Are “Fee Flexible”
by Moderator on 6/06/10 | 0 Comment(s)
By definition those considering bankruptcy are facing financial hardship, hence attorney’s fees are often a big concern. Perhaps the ultimate irony is realizing that you’re in over your head, you probably need to file bankruptcy, yet you can’t afford a lawyer. “Well honey, we can’t pay the credit card bills, mortgage or the Toyota loan [...]
Real Mortgage Modification and the $35.01 TILA Mistake
by Robert Haeger on 6/03/10 | 0 Comment(s)
One of the best ways to force your lender to agree to a real mortgage modification on your home applies if you refinanced your residence mortgage less than three years ago and your lender has started foreclosure proceedings. The federal Truth in Lending Act (15 U.S.C. §§ 1601 et seq.) is the best leverage to [...]
Garnishments and Bankruptcy
by Richard Stokan on 6/03/10 | Comments Off Comment(s)
What is a garnishment? A garnishment is basically a legal collections tool where a creditor obtains a court order compelling an employer to withhold a portion of an employee’s wages. The amount that can be withheld is capped at 25%, however, the percentage may vary depending on the state issuing the garnishment and the type [...]
