One’s Commitment Period may be to make Plan payments over either 36 or 60 months depending on whether one’s income is above or below the median income for the size of household in the area in which one lives, based upon IRS guidelines. Within this range, it may be possible to make adjustments in certain … Read moreHow long will a Chapter 13 Bankruptcy plan last?
Generally, the answer is “Yes” although there are situations in which it might not be feasible for some people. For instance, if you have too much equity in your home, car or other assets, in excess of the amount you are allowed to exempt, you must buy out that equity in a Ch. 13 to … Read moreCan I keep all of my property when filing Chapter 13?
How much you need to pay into your Chapter 13 plan depends on your disposable income as defined and determined by the bankruptcy laws. You are allowed to keep as much of your income as is necessary to maintain a reasonable standard of living, based on IRS standards. Only your disposable income over and above such normal and … Read moreWho determines how much my Chapter 13 payments will be?
Chapter 13 bankruptcy is a debt repayment proceeding. The debtor turns over a specified portion of his/her future earnings to the Chapter 13 trustee, who then distributes dividends to creditors who have filed bona fide claims. The method of determining the dividend distribution is determined by the Chapter 13 Plan which is filed with the … Read moreWhat is Chapter 13 Bankruptcy?
Yes. Contact us now to inquire about our Chapter 13 Bankruptcy related legal services.
Generally, NO. Under some circumstances you may be able to keep your credit cards. There are many factors which must be considered. Some of those include the credit card balance at the time of the bankruptcy, what the credit card company is willing to do and your ability to pay the present and future credit … Read moreCan I keep my credit cards after I file for Chapter 13 bankruptcy?
YES. If your car is mortgaged to a creditor as security for a loan, you will be expected to pay an amount to the creditor at least equal to the value of the automobile at the time you file your Chapter 13 Plan. Any amount due to the creditor over the value of the car … Read moreCan I keep my car after I file for Chapter 13 Bankruptcy?
If you have completed your Chapter 13 Plan, and paid at least 70% of your unsecured debt, there is no waiting period. If your bankruptcy was dismissed, you must usually wait for 180 days to re-file. You may file a Chapter 13 at any time if your new Plan proposes to repay 100% of your … Read moreHow long do I have to wait to file bankrupty a second time?
There are several areas related to this question. You should consult your attorney. In particular there are three items worth mentioning: a. Under bankruptcy law, certain luxury purchases over $1,000 within 60 days of the bankruptcy filing are presumed nondischargeable. b. Under bankruptcy law, cash advances aggregating $1,000 within 60 days of the bankruptcy filing … Read moreWhat should I avoid if I’m contemplating bankruptcy?
There are at least two ways to get credit after a bankruptcy. First, one of your existing creditors may continue to grant you credit based upon your past dealings with them. Second, today there are several banks offering secured credit cards. This means that the credit limit is based upon the amount of security [cash] … Read moreHow do I re-establish my credit after filing Chapter 13 Bankruptcy?