An advantage of filing a Chapter 13 case is that you can get out of it if your situation changes. But you must consider the consequences. The Handy Right to Dismiss A Chapter 13 case usually takes three to five years to complete. So it involves projecting your income and expenses that far out ... Read More »
Peace on Earth, Good Will to All: Merry Christmas!
Bankruptcy can bring you financial peace. And in that process you will likely be treated with respect and good will. A Tough Time of Year This season of gift-giving is hard when money is tight. It’s very hard when you can’t give to your kids and other loved ones what you would ... Read More »
Chapter 7 and Chapter 13–Exempt and Not Exempt Assets
Most of the time everything you own is exempt, meaning it’s protected in a Chapter 7 bankruptcy. If not, Chapter 13 can usually protect it. Our last blog post was about keeping or surrendering assets which are security on a secured debt—such as a vehicle on a vehicle loan, a home with a home ... Read More »
Making Sense of Bankruptcy: “Converting” from a Chapter 13 Case to a Chapter 7 One
The decision to file a Chapter 13 case may be an easier one if you know that you can always change it into a Chapter 7 one if needed. Here’s the sentence that we’re explaining today: If you file a Chapter 13 “adjustment of debts” case you can always “convert” it ... Read More »
Making Sense of Bankruptcy: The Chapter 13 Payment Plan
Chapter 13 is all about what you can and can’t do with your creditors in your court-approved plan. With our last blog post we started a series to help you understand bankruptcy better, by having us explain the legal terms in a sentence you might hear, so that it all starts to make ... Read More »