Posted by Dakota Bonnor | Posted on 10-12-2010
Chapter 13 bankruptcy filings, like Chapter 11 filings, involve a reorganization of an individual’s debt. Under this chapter, a person cannot get debt protection. They merely give debtors time to pay off their debts. The repayment period can take between three to five years.
When Might I Have to File for Chapter 13? A person must go through the means test. If he goes below the average median income he is eligible for this and Chapter 7. Chapter 7 is more common because it does allow people to discharge debts. A chapter 11 attorney can hep a person figure which type is right for him.
Homeowners who want to keep their property will file under Chapter 11 or Chapter 13. B
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Posted by Dakota Bonnor | Posted on 27-11-2010
If you are filing for Chapter 7 bankruptcy and thinking of hiring a lawyer, it is important to understand the benefits and negatives before making a final decision. With the importance of the outcome that filing Chapter 7, you will wish to ensure that it is handled properly.
Hiring a Chapter 7 attorney can give you peace in mind knowing that you have an individual on your side that has been through this process before. The filing process can be a difficult and confusing; with an attorney will be able to guide you through it. A professional can ensure that you qualify for a Chapter 7 bankruptcy as it has specific rules of eligibility.
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Posted by Zachary Stones | Posted on 27-08-2010
“I just went to a seminar advertised to the general public, and the speakers seemed really smart, and they said if I filed a personal Chapter 11, I could force the secured creditors to negotiate with me! Let’s file today!”
Well. Uh.
No.
I periodically talk to really smart people who have a new religion; the belief in an all-powerful, all-benevolent personal Chapter 11 Bankruptcy, which will permit an individual to manifest an all-powerful ability to force both secured creditors and unsecured creditors to negotiate!
Well, I have an actual religion. Read more…
Posted by Admin | Posted on 16-02-2010
Contrary to popular understanding, in most cases credit card debts are still dischargeable in bankruptcy without a repayment plan (in a Chapter 7 bankruptcy case). In many cases, tax debts can also be discharged. This is not new information, so why am I writing this? Because not a week goes by that I don’t get a prospective client in my office who tells me they thought that when the bankruptcy laws changed in 2005 (yes, 2005) it eliminated the ability to get rid of credit card debt in a Chapter 7 case (as opposed to a Chapter 13 repayment plan).
This is NOT true. While it was clearly the intent of Congress to appease the credit card lobby and make it more difficult to eliminate credit card debt, the new bankruptcy laws which went into effect in 2005 made filing bankruptcy more complicated, but certainly did not eliminate the ability to do so.
Credit card debts are just as dischargeable as they were for at least 30 years prior to the recent law change. They are not dischargeable if incurred through fraud or other exceptions to discharge (see http://www.bklaw.com/discharge.html for more information on this), but otherwise you can still file a Chapter 7 case (or a chapter 13 or Chapter 11) and eliminate credit card debt.
Income taxes may also me discharged under certain circumstances. The law
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