Understanding Chapter 13 Bankruptcy

understanding chapter 13 bankruptcy

Complete Chapter 13 Personal Bankruptcy Guide $16.95 The Complete Chapter 13 Personal Bankruptcy Guide has everything you need to file and complete a Chapter 13 bankruptcy case.

How to File for Chapter 7 Bankruptcy $4.36 Find debt relief by filing bankruptcy with this all-in-one-book If you have more debt than you can possibly pay off, the bankruptcy system is there to help — and with How to File for Chapter 7 Bankruptcy, you’ll find the clear and user-friendly information, advice and forms you need to get through the entire process. First, the book will help you determine whether you qualify for Chapter 7 — and whether it is the best way to deal with your debts. Then you’ll find out how to: stop wage garnishments and attachments fill out and file all the forms cancel as much debt as possible deal with secured debts keep the maximum amount of property keep your home, if possible rebuild credit after bankruptcy The 16th edition is revised to include the most recent forms and figures, changes to state exemption laws (which determine what property bankruptcy filers may keep), and the latest court decisions. Please note: This book does not cover business bankruptcies, farm reorganizations or individual repayment plans (Chapter 13). For Chapter 13 bankruptcy, see Nolo’s Chapter 13 Bankruptcy.

Bankruptcy Kit $29.95 This comprehensive kit includes information on understanding bankruptcy, the Chapter 7 bankruptcy process, information you will need to gather before filing, detailed instructions on filling out the bankruptcy court’s forms, a glossary of bankruptcy legal terms, a listing of all bankruptcy courts, and the forms you need to file.

Ok…you got some half so-so answers. You need to consult with a bankruptcy attorney, most will see you free the first time. Chapter 7 is a complete discharge of debt, you have to take a means test to see if you qualify for it first, and it’s based on entire median income (all household members over 18), you have to take a credit counseling course per the new bk laws passed in 2005. You are allowed to keep secured debt, example: mortgage loan, vehicle loan, but, they have to be current on payments to be able to re-affirm on the loans. The chapter 13 is a payment plan set up based on your income, taken out of your check similiar to a garnishment, but called a wage order and sent to the trustee who in turn pays your secured debts first, and your unsecured debts last. Again, based on income, the payments are either 3 or 5 years. If while in the plan you need to re-finance something, you have to get the trustees approval, say you have a car that breaks down and have no other choice and someone is willing to finance you, you have to get the trustees approval before anything. The chapter 11 is for businesses. If you don’t qualify for a chapter 7 and qualify for the chapter 13, and say a few years into the plan, you lose your job or have an illness, you are able to convert the chapter 13 to a chapter 7 for a small fee to convert. But..you need to seek legal counsel. They will need to see your last 6 months of pay stubs, assets, list of all your debts, and last 4 years of taxes. Once they review, they will be able to tell you what you qualify for. Contact someone asap and get in to see what they can do for you!….You can review this website. It’s the official bankruptcy website with excellent information on bankruptcy. www.usbankruptcy.gov It will give you some more insight as to how the bankruptcy process works and if this is the best option for you. You need to make sure the bankruptcy filing is your last resort and you have no other options. A bankruptcy is on your credit report for 10 years, not 7….your debts remain on your credit report for 7 years. If you have any questions, feel free to email me and I’ll help you as best I can…..Good Luck!

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