The unique powers of even a simple Chapter 13 case are impressive. They allow you to reach goals that a “straight bankruptcy” simply can’t. Some of the Simple Benefits of Chapter 13 Even in with a simple Chapter 13 case you can: 1) catch up on your unpaid mortgage payments, ... Read More »
What Makes a Simple Chapter 13 Case
Even a simple Chapter 13 case has many powers unavailable under Chapter 7. So the extra time Chapter 13 takes can be highly worthwhile. Chapter 13 Consumers file a Chapter 13 case mostly because of significant advantages that it gives them over Chapter 7. Also, sometimes people ... Read More »
Considerations about Filing Bankruptcy After Your Divorce If You’ve Filed Before
Think about these special considerations if you filed bankruptcy before your divorce and now need to think about filing another one. In the last blog post we introduced three very practical considerations about filing bankruptcy again if you and your ex-spouse filed a bankruptcy in the past ... Read More »
Chapter 13 Gives You Lots More Time to Pay Crucial Creditors
When you’d like to favor certain important debts over others, often Chapter 13 makes this possible. Using the Bankruptcy Laws to Your Advantage One of the basic principles of bankruptcy is that you usually can’t favor one debt over your other debts. You can’t except when the ... Read More »
Chapter 7 vs. Chapter 13 and the Time Element
Chapter 7 is quick. It’s usually best when it discharges most of your debts. Chapter 13 gives you time to address debts Chapter 7 doesn’t. A Big Difference—Time There are many practical differences between Chapter 7 and 13. Today we focus on how these two options ... Read More »
The Chapters of Bankruptcy
The bankruptcy options are contained in Chapters 7, 9, 11, 12, and 13 of the U.S. Bankruptcy Code. Bankruptcy Law, Organized All of the “general and permanent laws of the United States” are contained in the United States Code. The U.S. Code is divided by subject matter into 53 ... Read More »
When File a “Chapter 20”?
If you need more help on payment terms with debts that can’t be discharged, filing Chapter 13 right after Chapter 7 may be your best option. Last week we introduced the so-called “Chapter 20”—filing a Chapter 13 case right after completing a Chapter 7 one. The focus ... Read More »
Continue Operating Your Business by Gaining Control over Tax Debts
If you own a small business and are way behind on taxes to the IRS/state, Chapter 13 protects you and your business. Have a Sole Proprietorship? Do you operate your own small business and are seriously behind on income and/or withholding taxes? Is your business in your own name or operated ... Read More »
Advantages of Paying Your 2015 Income Tax through Chapter 13
If you owe income tax for 2015 (or 2013 or 2014), pay it by simply paying less to your other creditors. If You Don’t Owe TOO Much Recent Income Tax If you owe income taxes from the last couple tax years, you most likely would not be able to discharge (legally write off) those ... Read More »
“Converting” from Chapter 13 into Chapter 7
When you are deciding whether to go into a Chapter 13 payment plan, it’s good to know you have Chapter 7 as a backup. Chapter 13—Powerful But Uncertain Chapter 13 is an amazing tool. It can often do much more than Chapter 7 with certain kinds of debts. It can save your home or ... Read More »
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