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MrMan333 asked: I’ve been in a chapter 13 plan for close to 3 years in my 36 month plan. My arrears to my mortgage company are a top priority to receive payments from me but the trustee has made a huge mistake and my arrears haven’t seen a dime in three years but has now [...] Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due.Bankruptcy is not something I recommend any more than I [...] 1. Eliminate the legal obligation to pay many of your debts.. This process of wiping the slate clean is called a discharge of debts. The goal of a discharge is to reduce debt to give you a fresh start. Whether it is through straight bankruptcy (Chapter 7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy), most [...] Chapter 13 bankruptcy law is at times referred to as reorganization bankruptcy. It’s very different than Chapter 7 bankruptcy. In a Chapter 7 bankruptcy virtually all of your debts are cancelled out. But, you must give up any belongings that aren’t exempt from seizure by your creditors. Under Chapter 13 bankruptcy law, you aren’t required [...] The New Bankruptcy Laws Make it More Difficult to File Chapter 7 Bankruptcy The most recent changes to bankruptcy laws might make it more challenging for you to file bankruptcy. If you’re in a higher income bracket you’ll no longer be permitted to use Chapter 7 bankruptcy. Instead, you’ll have to file under Chapter 13 [...] |
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