Before filing bankruptcy, you should know the implications of an unpaid child/spousal support debt. Payment may depend on whether you file Chapter 7 or 13.
Businesses considering bankruptcy get intense legal advice before filing. You would also be smart to get solid advice to make a good decision.
After declining significantly since 2010, and then edging up in the first three months of this year, consumer bankruptcies sharply decline in April.
The coronavirus CARES Act temporarily allows ongoing Chapter 13 plans to be amended or "modified" to last a total of 7 years (instead of 5).
Priority debts are largely unaffected by a Chapter 7 case--it does not discharge them, so you need to pay them after finishing your case.
Here are 6 ways filing a Chapter 7 case can help you deal with your home lender and related debts, and 6 ways filing a Chapter 13 one can.
Chapter 7's big advantage is that it's quick. Chapter 13's big advantage is that it buys you more time to do what you want or need to do.
Here's an example why to keep an open mind about filing under Chapter 7 vs. Chapter 13. Slightly different facts can make all the difference.
Chapter 7 takes about 4 months, while Chapter 13 takes 3 to 5 years, and likely costs more. But that doesn't begin to answer which is better.
If you can't or won't pay a co-signed debt, or pay a co-signer, you need to protect yourself from that debt and from your co-signer.
Chapter 13 revolves around your payment plan, which you propose based on your budget, and possibly negotiate with creditors and the trustee.
Sometimes life simply dishes out some bad luck. A bad car accident. A serious illness. Bankruptcy turns these lemons of life into lemonade.
If a creditor's proof of claim is a "priority" or secured debt is too high, object to it to avoid paying too much in your Chapter 13 case.
Creditors sometimes have grounds to ask for permission to resume or start collection action against you in spite of your bankruptcy filing.