Chapter 13 Bankruptcy

Chapter 13 Bankruptcy Basics

09/26/11

As a bankruptcy attorney in Dallas, I get a lot of questions about the difference between Chapter 7 and Chapter 13 bankruptcy. Many people ask me about the changes in the bankruptcy laws and how they will affect their debt relief options. Although some people may not qualify for Chapter 7 bankruptcy, Chapter 13 can [...]

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Life After Bankruptcy

09/26/11

The good news is there is life after bankruptcy!  Although filing a bankruptcy, either Chapter 7 or Chapter 13, will have a negative initial impact on your credit score, filing a bankruptcy case does not mean that you will never be extended credit again.  You will be able to re-establish and re-build your credit after [...]

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8 Eye-Opening Secrets That Reduce the Pain of Bankruptcy

09/26/11

SECRET #1: Most people keep all their property. Illinois law allows you to keep your home, cars, furniture, appliances, employer sponsored retirement and other things you need to get a fresh start. While there are limits to the values of what you can keep, typically you are not required to give up anything. In general, [...]

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Debts You Can & Cannot Erase with Bankruptcy

09/26/11

Here’s how different debts are treated in bankruptcy: Debts Dischargeable in Chapter 7: Personal loans – such as money borrowed from friends Credit cards Repossession deficiencies Auto accident claims Health care bills Judgments Debts from a Business Leases Guaranties Negligence claims Tax penalties over 3 years old Non priority taxes Possibly Dischargeable in Chapter 7: [...]

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11 Tragic Misconceptions About Bankruptcy

09/26/11

MISCONCEPTION #1: Bankruptcy is dishonest. Not true. Most people honestly want to pay their bills, but sometimes things happen that make it impossible. These things include an unexpected lawsuit, judgment or income tax bill – a fine that was considered excessive or in dispute – and more. Bankruptcy is a legal right that is provided [...]

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20 Costly Mistakes to Avoid When Thinking About Filing for Bankruptcy

09/26/11

MISTAKE #1: Taking out a second mortgage against your home, often called a home equity loan. You can’t borrow your way out of debt. Many people hope to avoid Illinois bankruptcy by getting a home equity loan to pay off medical bills, credit card debt, and other obligations. And, not surprisingly, banks and other lenders [...]

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In re: Iftikhar, No. 10-54579 SLJ (Bankr. ND Calif., March 15, 2011). Companion Blog

09/24/11

In Chapter 13 bankruptcy, you may be able to ask the court to lower the amount that you owe on a mortgage.  Actually, it is slightly more complicated than that, but it boils down to the same thing. If you have a mortgage that you owe more on than your home is worth, the court [...]

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Yorkville Bankruptcy Attorney Sites Many Pros, Few Cons When Filing Chapter 13

09/20/11

Another great thing about Chapter 13 is it effectively lowers the car payment.  If the debtor was making a $500.00 – $600.00 car payment prior to filing Chapter 13, the odds are the total amount that the car is going to receive per month is going to be less than if they were making the [...]

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Your Tax Returns Must be Filed as Part of a Chapter 13 Bankruptcy

09/14/11

Chapter 13 Bankruptcy and Tax Returns Chapter 13 bankruptcy is often called a “wage earners plan,”  meaning debtors need steady income in order to fund a court supervised repayment plan. The repayment plan involves paying back a percentage of debts to creditors over a period of between 3-5 years. Often, unsecured debts such as credit [...]

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