Writing Off or Discharging Debts in Chapter 7 and Chapter 13
Bankruptcy is about writing off or discharging debts. The timing of discharge is quite different in Chapter 7 and 13; both are permanent.
Potentially Pay Nothing to Most Creditors in Chapter 13
In some jurisdictions you can pay nothing to your "general unsecured" creditors, if all your money goes to paying higher priority ones.
The Financial Effect of Surrendering Collateral in Chapter 13
If you are concerned that in a Chapter 13 case a debt resulting from surrendered collateral will cost you more, often it won't.
Secured Creditors’ Proofs of Claim in Chapter 13
If you want secured creditors to be paid in your Chapter 13 plan, they must file proofs of claim. Let's use the example of a vehicle loan.
Unsecured Creditors’ Proofs of Claim in Chapter 13
Often creditors' proofs of claim do not affect the amount you have to pay in a Chapter 13 case. But sometimes they make a huge difference.
How Bankruptcy Handles . . . Paying Both Income and Withholding Taxes for a Business Owner through Chapter 13
If you owe too much in taxes, a Chapter 13 case can protect your small business while you write off some and pay some of the taxes.
Crucial Question: Does a Chapter 13 Case “Discharge” More Debts than a Chapter 7 One?
Yes, but barely. Chapter 13 can deal much better with many kinds of debts, but it can only discharge one kind that Chapter 7 can't.
Crucial Question: How Long Does a Chapter 13 Case Take to Finish?
Whether you must pay for 3 years or 5 depends mostly on your income. Exactly how long it last depends on the many moving parts of your case.
Crucial Question: What Is a Chapter 13 Plan?
It's a formal proposal about how much you'll pay your creditors. It is, often after some adjustments, "confirmed" by the bankruptcy court.
Crucial Question: Can Bankruptcy Write Off or Reduce My Support Obligations?
No. The bankruptcy court respects and doesn't change the support decisions of your divorce court. But bankruptcy can still help.
Crucial Question: In a Chapter 13 Case, How Do You Keep Collateral That’s Not a Home or Vehicle?
A Chapter 13 plan lets you propose what collateral you want to keep and what it is worth paying for, giving you a lot of leverage.