Category Archives: Chapter 13
How Does Filing For Bankruptcy Affect Your Career?
Everyone has the right to file for bankruptcy protection; neither the spouse nor the IRS nor anyone else has the right to stop you. Despite this, just because you file for bankruptcy protection, it does not automatically mean that the court will accept your filing. To get your bankruptcy petition accepted, you must persuade… Read More »
Can Bankruptcy Help with Past-Due Child Support?
As we have explained many times, not all debts can be wiped out in bankruptcy. The bankruptcy code identifies certain debts that are “non-dischargeable,” and child support payments are one type. But does this mean bankruptcy is useless if you owe past-due child support, called “arrearages”? No, actually. Bankruptcy does provide some tangible benefits… Read More »
How Long Will My Chapter 13 Payment Plan Last?
Chapter 13 is an attractive alternative to Chapter 7 for many people. With a Chapter 13, you don’t give up any property. Instead, you contribute disposable income to your creditors for a period of years. At the end of this payment plan, any unpaid qualifying debt should be wiped out. Chapter 13 is ideal… Read More »
New Income Limits for Chapter 7 Bankruptcy
Consumers who can’t repay their debts have their choice of 2 consumer bankruptcies—Chapter 7 and Chapter 13. They are named after specific chapters in the Bankruptcy Code and are very different. With a Chapter 7, you can wipe out unsecured debts, but you will probably lose non-exempt property. With a Chapter 13, you don’t… Read More »
Lil Kim Asks Judge to Drop Her Bankruptcy Case
Almost a year ago we wrote about rapper Lil Kim filing for bankruptcy protection. Now comes news that she is trying to get her bankruptcy case dismissed because she is apparently in better financial shape. However, as Lil Kim might find, it is far easier to file for bankruptcy than to get a judge… Read More »
Bankruptcy & Mediation
Mediation is a non-judicial proceeding which has begun to play an increasingly prominent role in bankruptcy. In mediation, a third party neutral (the mediator) listens to a dispute with the hopes that all sides can overcome their disagreements and find common ground. Used most commonly in large Chapter 11 bankruptcies, mediation has begun to… Read More »
What are Allowed Living Expenses in a Chapter 13 Repayment Plan
The repayment plan is the centerpiece of a Chapter 13 bankruptcy. This plan can last up to five years, and it identifies how much you will pay to your creditors. Any debt that remains at the end of the repayment period gets wiped out, and you can walk away free. At its simplest, a… Read More »
Bankruptcy & Mobile Homes in Florida
Indebted consumers in Florida can typically choose between two bankruptcies—Chapter 7 or Chapter 13. With a Chapter 13, consumers do not lose any property, but they will need to stick to a repayment plan for 3-5 years before debts are discharged. With a Chapter 7, however, debtors can lose non-exempt property, which the trustee… Read More »
Tangible Benefits of Filing for Chapter 13 Bankruptcy
A little discussed research paper by the National Bureau of Economic Research (NBER) has highlighted the many benefits of filing for Chapter 13 bankruptcy. Looking at roughly half a million filings, the two researchers found that those who complete a Chapter 13 tend to make more money and live longer than those who don’t…. Read More »
Rapper Lil Kim Files for Bankruptcy
Financial troubles seem to hit the wealthy just as frequently as the average working American. In a news scoop from last month, TMZ reported that famed rapper Lil Kim filed for bankruptcy protection in New Jersey. As reported in court documents, Kim is up to her eyeballs in debt to the tune of $4… Read More »