A Chapter 13 bankruptcy filing is one of the most effective solutions for personal debt. Those who earn average or above-average income, a house at risk of foreclosure and/or personal resources that would be at risk of liquidation in a Chapter 7 filing may choose Chapter 13 bankruptcy as a way to resolve their insurmountable personal debts. Chapter 13 bankruptcy…
There are several different forms or chapters of individual bankruptcy, and each offers different benefits for a filer. Most individuals considering personal bankruptcy will choose between Chapter 13 and Chapter 7 proceedings. The kinds of debts someone has and also their income and assets may influence what form of bankruptcy they file. However, it is often whether or not they…
Chapter 7 bankruptcy has a reputation for diminishing people’s personal property. After all, it is nicknamed “liquidation bankruptcy.” Those who are filing may have to sell off or refinance some of their assets as a means of extracting value from their existing property to pay their creditors. Only after making a reasonable attempt to pay as many creditors as possible…
It is easy to lie to yourself about how bad your debt situation really is. You may promise yourself that next week you’ll rework your budget or next month you’ll apply for a second job on the weekends, but there will always be more expenses on the horizon as well. When you have reached a point with your personal debt…
More and more Kentucky consumers have determined that filing for bankruptcy could be the way out of debt that’s spiraling out of control. Many have tried negotiating with creditors or consolidating debts. Some debts are more difficult to get rid of than others The promise of a fresh start is attractive. You get rid of the debt, and the phone…
Repaying student loan debt is a struggle many Americans are familiar with. Collectively, 45 million borrowers owe nearly $1.6 trillion. If you are among these borrowers and are feeling financial pressures from other sources, you may wonder whether filing bankruptcy will eliminate your student loan debt. In most cases it will not, though you have other options for reducing its…
While no one wants to file bankruptcy, doing so can give you a fresh financial start. After your proceedings, you can start thinking about ways to manage your money better than before. If your bankruptcy stemmed from credit card debt or unpaid loans, you may consider whether you’re ready to use credit responsibly. Before you start, it’s important to learn…
One of the key factors that separate Chapter 13 bankruptcy from Chapter 7 bankruptcy is the obligation for ongoing debt repayment in Chapter 13 bankruptcy. The person filing will need to create and complete a repayment plan, paying toward their debt for three to five years. You will have to outline how much you intend to pay toward each creditor…
Many people take different approaches to the ways in which they address their debt. Some individuals may think they can handle their financial liabilities on their own over time and do their best to explore their options for following that route. On the other hand, others may find themselves feeling so overwhelmed by their debt issues that they ignore them…
With a massive amount of debt including loans and credit card payments, many consumers might think that bankruptcy is the solution to getting back on the right financial track. When collectors continue to call and it seems like there is no way to get out from under the umbrella of being in debt, then bankruptcy might be the best option.…