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Category Archives: Chapter 13 Bankruptcy

How Much Does the Chapter 13 Homestead Exemption Vary?

The nature of a Chapter 13 bankruptcy is that it does not necessarily require filers to liquidate their assets to pay off debt. Instead, filers need to show the court they will be able to pay off those debts over approximately three to five years. This type of bankruptcy arranges for better terms for repaying… Read More »

Why a Shopping Spree Just Before Bankruptcy Won’t Work

The thinking goes, “what have I got to lose?” Or so one imagines the words people say to themselves who max out their still-working credit cards right before filing for bankruptcy. That approach is wrong on several levels. If you’ve got an itch to spend the remaining balances of your credit cards before you file,… Read More »

Taking Advantage: Bankruptcy Fraud

Bankruptcy is a welcome but serious tool for consumers and businesses in need of structured debt-relief. When debt-relief tools such as consolidation or debt settlement are not enough to address debt or improve pay-down ability, filing Chapter 7 or Chapter 13 bankruptcy can be good options. Relief from debt through bankruptcy is based on identification… Read More »

The Myth of Irresponsibility: Why Most Individuals File for Bankruptcy

The good news on bankruptcy is that the number of filings in the United States went down in 2012. About 1.25 million people are expected to file this year for one of the versions of bankruptcy (Chapters 7, 11 or 13). This is down from 1.38 million in 2011. The Great Recession that began in… Read More »

The Three Primary After-Effects of Personal Bankruptcy

Contrary to what is sometimes said by politicians and in the blogosphere, most people do not enter into bankruptcy lightly. Bankruptcy is a means to manage difficult finances and overwhelming debt – or as in the case of Chapter 13, a reorganization that enables you to pay off debts over time. Still, individuals who are… Read More »

The Impact of Social Media on Bankruptcy

You may enjoy posting holiday pictures online or sending out the good word about a new job. But friends may not be the only one reading your news. Facebook, Twitter and other social media networks provide fruitful hunting grounds for disgruntled spouses and divorce attorneys. But increasingly, social media is also sifted by creditors, collectors… Read More »

How Long Does Bankruptcy Take?

How long the bankruptcy process takes can vary greatly from case to case and chapter to chapter. In some Chapter 7 cases, the petitioner can receive a discharge in as little as two months. Depending on what assets are present, the case may continue after the court issues a discharge as property is sold to… Read More »

Can I Shed My Mortgage?

The answer to this question depends entirely on your situation. You may be able to prevent foreclosure and get rid of your mortgage at the same time by investigating who exactly owns the mortgage and holds the promissory note for the loan. And you may be able to drop a second mortgage entirely if you… Read More »

What Form of Bankruptcy is the Right Choice for Me?

The correct form of bankruptcy for you depends on the details of your situation. What sort of debt do you have? Bankruptcy law divides debts into two broad categories: secured and unsecured. Secured debts are debts backed by collateral to reduce the risk of lending. For example, a mortgage is a secured debt because your… Read More »

Bankruptcy and IRS Levies

When taxpayer cannot or will not pay their taxes, the IRS has two primary means of recourse: tax liens and tax levies. A lien is a type of legal claim to your property, which involves notice to creditors that you owe the IRS money and that its claims take priority. For example, if you have… Read More »