Chapter 13 bankruptcy is basically a repayment plan that allows people to repay part of their debts using their regular income. The period for repayment ranges between three and five years old but this can be determined by the court depending on the applicant’s eligibility and current situation.
Bankruptcy is one situation that none of us want to experience. However, when we are left with no choice then it is good to know how to file Chapter 7 Bankruptcy. After new bankruptcy laws has been enforced from October 2005 only people that have a lower or the same income than the average income of families with the same size as your own, in your actual state, are allowed to file for Chapter 7 bankruptcy.
Chapter 7 Bankruptcy is literally, a liquidation of all of your property and assets. The process could take up to six months to complete. Here are some advantages and disadvantages to taking a Chapter 7.
This article by bankruptcy attorney, Mitchell Sussman, answers these questions and more on the subject of what tax debts can be discharged by the filing of a chapter 7 bankruptcy.
The financial crisis, brought on by the collapse of the housing market has more and more people looking for solutions to their “under water” property. An “under water” property is one in which the debt on the property is greater than the value. Today, millions of homeowner are now upside-down or “under water” on their home mortgage and they are looking for a way out.
A bankruptcy trustee appointed in a Chapter 7 or Chapter 13, is assigned the task of administering the case file and all assets related to the case.
People arrive at bankruptcy for numerous reasons, such as poor spending habits, loss of income, and medical expenses, to name a few. But whether bankruptcy is a positive process or a negative one depends on two factors: the debtor’s perspective on what bankruptcy accomplishes, and the quality of legal counsel received during the bankruptcy process.
One of the first questions, many homeowners who are contemplating filing bankruptcy ask is “Will I lose my home if I file for bankruptcy?”
If your financial situation is headed for bankruptcy, you may feel helpless in the face of your debts. But it’s important to realize that bankruptcy isn’t the financial tragedy that we often think it is. In fact, bankruptcy allows millions of debtors each year to escape a real financial tragedy: a life lived in the face of un-payable debt. In New Jersey, relieving this debt is accomplished in one of two ways: by declaring Chapter 7 bankruptcy, or by declaring Chapter 13 bankruptcy. Below, we give an overview of each type to help you assess your situation prior to speaking with a New Jersey bankruptcy attorney.
Bankruptcy can be a scary and formidable event in our lives. First of all, we probably all hope we never have to go through with it so we try not to pay any attention to it. However, things happen in our lives and sometimes it is unavoidable. When that happens, many times we are unprepared to [...]