Chapter 13 Bankruptcy

Symerton Bankruptcy Attorney Discusses Chapter 13 Payment Terms

07/31/11

Certain tax debt has to be paid 100%, certain tax debt we can pay less than 100%.  Cars are treated a little differently too, depending upon how old they are.  So when we look at their income minus expenses, we know approximately what it’s going to take in terms of a monthly payment to get [...]

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Must Have Excess Income For Chapter 13 States Elwood Bankruptcy Attorney

07/31/11

Chapter 13 will only succeed if you have the ability to repay.  So, just like we calculate the income and expenses for a Chapter 7 for Schedule I and Schedule J of the petition, we have to see as attorneys the ability to repay.  So let’s say you do an interview for somebody for Chapter [...]

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What is My “Current Monthly Income” and How Does it Affect My Filing of Bankruptcy?

07/27/11

Your Current Monthly Income Affects Eligibility for Chapter 7 Bankruptcy The term “current monthly income” (CMI) is an important concept in bankruptcy that courts use in several “bankruptcy tests”. For example, your “current monthly income” is important because it can effect whether you are eligible to file in a Chapter 7 bankruptcy, and in a [...]

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Cicero Bankruptcy Attorney Describes The Chapter 13 Plan

07/26/11

What we are talking about basically is the Chapter 13 plan.  It’s the reorganization plan.  And the debtor is required to not only prepare a plan which they do through an attorney, but they need to execute the plan.  If the monthly payment in the plan is not enough, the case will not be recommended [...]

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How A Tampa Bankruptcy Lawyer Can Prevent A Home Foreclosure With A Bankruptcy Petition

07/25/11

The stagnant economy and depressed housing market has created a huge financial burden for millions of Americans. Many Americans are unemployed and having a difficult time keeping up with their debt obligations. Furthermore, declining home values are exacerbating the financial strain put on families. Millions of homeowners now owe more on their mortgage than the [...]

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Will Bankruptcy Affect My Loan Modification?

07/22/11

Whether a debtor files Chapter 7 or Chapter 13, her bankruptcy should have no effect on an already completed loan modification, whether the homeowner is making payments under a trial modification or a permanent one as long as the homeowner continues to make his or her payments. One potential pitfall that may arise, however, is [...]

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Why So Many Sports Franchises Have Filed Bankruptcy

07/22/11

Although bankruptcy filings by sports teams have been historically rare, a recent smattering of filings have turned into a trend.  The Los Angeles Dodgers have recently joined the Phoenix Coyotes, the Chicago Cubs, the Texas Rangers and several other sports teams that have filed for bankruptcy within the last 20 years.  Why is this becoming [...]

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Detroit Bankruptcy Lawyer: Can Bankruptcy Stop A Garnishment?

07/22/11

Most people don’t realize that filing bankruptcy can stop a garnishment. The conventional thinking is, “Well, they got the judgment in court, so nothing I can do”. Nothing can be further from the truth. Bankruptcy can and will stop the garnishment, even after your creditor has received their judgment. Your Detroit Bankruptcy Lawyer can stop [...]

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Bankruptcy Discharge

07/21/11

A bankruptcy discharge is one of the most common reasons for filing for bankruptcy.  A discharge releases you from personal liability for debts that qualify under federal law.  It is a permanent order granted by a bankruptcy court.  Any debts you successfully discharge in bankruptcy will basically disappear and your creditors can never come after [...]

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Can I get rid of Criminal Fines and Traffic Tickets in Bankruptcy?

07/18/11

Millions of tickets are dolled out every year, not to mention government penalties and fines.  Government tickets and fines are one of the most common forms of debt.  Can these be discharged through a bankruptcy filing?  In Chapter 7 bankruptcy, section 523(a)(7) of the Bankruptcy Code specifically states that fines and penalties owed to or [...]

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