Chapter 13 immediately stops the collection of past-due child or spousal support. But to keep that protection you must meet some conditions for stopping support collections.
Chapter 13 DOES stop the collection of unpaid child or spousal support from your after-filing income and other assets. Chapter 7 does NOT.
Chapter 7 does not stop the collection of unpaid child or spousal support, nor provide any procedure to pay the support. It may still help enough.
In determining your ability to strip off a junior mortgage, you must look at the superior liens, the amounts owing on those debts, and the value of your house.
Chapter 13 can be an advantageous way to protect excess home equity that is above your homestead exemption.
The time requirements for a cramdown on a vehicle loan in Chapter 13 requires that your loan is at least two and a half years old. But there are exceptions to this.
To qualify for a Chapter 13 vehicle loan cramdown, mostly your loan must be at least two and a half years old. There are exceptions to this.
If you can’t afford to pay your vehicle payments even after writing off your other debts under Chapter 7, consider decreasing your auto loan through a Chapter 13 cramdown.
Do you owe income taxes for the 2018 tax year AND already owe for one or more tax years? Chapter 13 may be an especially good tool for you.
Do you expect to owe income taxes for the 2018 tax year? Starting January 1, 2019 you can wrap that tax into a new Chapter 13 payment plan.
Chapter 13 is a riskier, longer, and maybe more expensive way to escape a dischargeable income tax deb--but may still be your best option.
Following up on last week's scenario, here are the financial, credit record, and other disadvantages of a forced 5-year Chapter 13 plan.
Do you need a Chapter 13 case? WHEN you file it can mean the difference between a payment plan that takes 3 years and one that takes 5.
Here's a scenario showing how the timing of your Chapter 13 filing can shorten your payment plan from 5 years to only 3.