Chapter 13

  • Bankruptcy Experts Push for End to Debt Limits in Chapter 13 Bankruptcy

    ByGoodblatt • Leo Hours Categories Bankruptcy, Chapter 13

    Debt can quickly spiral out of control due to unforeseen or unpreventable events that require spending large amounts of money and/or suffering a substantial loss of income. When debt becomes this overwhelming, many people turn to bankruptcy for relief. Living with the burden of unmanageable debt is an oppressive situation that rarely gives the debtor a real opportunity to regain financial health. Bankruptcy is intended to give debtors this chance, but there are rules that must be followed before the bankruptcy process is accessible. Chapter 13 bankruptcy is a popular option for debt relief among individuals with regular income wanting to keep certain property, or when a Chapter 7 discharge is not available. Qualifying for Chapter 13 is usually less restrictive compared to Chapter 7…

  • Best Practices to Do Prior to Filing for Bankruptcy

    ByGoodblatt • Leo Hours Categories Bankruptcy, Chapter 13, Chapter 7

    When you are facing an insurmountable level of personal debt, bankruptcy can be the way out. Although bankruptcy is not a legal process to take lightly, it is one to seriously consider if you feel like you cannot take control of your debt through other means. You can make the bankruptcy process easier for yourself by taking the time to educate yourself about all that the process entails. Use what you learn to prepare for your bankruptcy before you file. By taking the following steps before you file for Chapter 7 or Chapter 13 bankruptcy, you can make the process less stressful for yourself. Seek Credit Counseling By law, you are required to receive credit counseling from an accredited credit counseling agency before you can…

  • Eliminating Divorce Obligations through Bankruptcy

    ByGoodblatt • Leo Hours Categories Bankruptcy, Chapter 13, Chapter 7, Divorce

    Bankruptcy is a tool used by many to reduce debts that they cannot reduce on their own. Individuals struggling with personal debt can use Chapter 7 or Chapter 13 bankruptcy to discharge their debts. If you are considering filing for divorce, you might be worried about the costs involved with the divorce process and the debt you might face when the process is complete. Discuss your concerns with your lawyer to get a better sense of what you can expect from your specific case. Bankruptcy and the Automatic Stay When you file for bankruptcy, an automatic stay is enacted. This is a court order to your creditors to cease all collection attempts until the bankruptcy is finalized. Having an automatic stay in place to stop…

  • What Are Bankruptcy Exemptions?

    ByGoodblatt • Leo Hours Categories Bankruptcy, Chapter 13, Chapter 7

    When you decide to file for Chapter 7 or 13 bankruptcy, you may fear that you will have to surrender all your assets or be restricted to subsistence income. However, this is not the case.  There are some assets that the government has no interest in taking, and there are some which will fall under what the Bankruptcy Code calls exemptions. Florida maintains a list of exemptions, so that those who are forced to file can still retain most if not all of their possessions. State vs. Federal Exemptions In Florida, unlike in some other states, a filer may not use the federal government exemptions for his bankruptcy with rare and specific exceptions.  However, it is generally considered to be a better deal, as the…

  • Bankruptcy & Private School Issues

    ByGoodblatt • Leo Hours Categories Bankruptcy, Chapter 13, Chapter 7

    For a variety of reasons, many parents in the U.S. choose to send their children to private schools. It can be a good fit for some children, but it does come at a cost. These school costs can become an issue if one or both parents file for bankruptcy. While a lot will depend on your specific situation, it is important to be aware how bankruptcy courts view private school if you are seeking to discharge your debts. Chapter 7 Filings Those debtors wishing to file for bankruptcy under Chapter 7 may worry that private school education expenses may affect their eligibility to file for bankruptcy. Generally, the bankruptcy court does not consider private school a necessity and it may consider the funds spent on…

  • Misconceptions About Chapter 13 Bankruptcy

    ByGoodblatt • Leo Hours Categories Bankruptcy, Chapter 13

    When most people file for bankruptcy, they file under Chapter 7 of the U.S. Bankruptcy Code. However, there is another alternative. Chapter 13 is available to debtors who have slightly different circumstances than the average bankruptcy filer, and while there are a few more obligations to filing Chapter 13, it may benefit you more than a Chapter 7 bankruptcy. Myth: A debtor must have very low income in order to file  Chapter 13.  False – a Chapter 13 filing is actually referred to as a wage earner’s plan.  You must have enough income to be able to make monthly payments on your plan – without it, a Chapter 13 plan is not viable.  If you have very low income, a bankruptcy professional will likely counsel…

  • How Will My Bankruptcy Affect My Spouse?

    ByGoodblatt • Leo Hours Categories Bankruptcy, Chapter 13, Chapter 7

    Bankruptcy is a last resort for the overwhelming majority of people. If you are forced by circumstance to have to file, you almost certainly have a thousand questions about the future, and that load doubles if you are married. Many couples file for bankruptcy jointly, but this is not always the best choice, and either way, it is important to be aware of the potential effects on both your and your spouse’s financial future whether or not you choose to file jointly. Should We File Together? In some situations, it can actually be advantageous to file for bankruptcy as a couple, most often if your financial situations are comparable. If both of you are heavily in debt, it may simply save time and money to…

  • Considering Bankruptcy During Tax Time

    ByGoodblatt • Leo Hours Categories Bankruptcy, Chapter 13, Chapter 7, Debt Relief

    If you are like the numerous other Americans who file for bankruptcy protection every year, you may be concerned about the long-term implications of filing. Maybe you worry how you will be able to afford a bankruptcy lawyer, or how long it will take to rebuild after the initial financial crash. But one thing you may not be thinking about is your taxes. Before you file your returns, here is what you should know about bankruptcy and taxes. What happens to my tax refund if I file for bankruptcy? It is important to consider what type of bankruptcy you are filing. In general, however, the bankruptcy court is concerned with making sure your creditors get paid as much as possible, while allowing you the protections…

  • Top 5 Bankruptcy Myths Dispelled

    ByGoodblatt • Leo Hours Categories Bankruptcy, Chapter 13, Chapter 7, Debt Relief

    Deciding to file for bankruptcy is a huge decision. It will impact your life for years and can cause a lot of stress. But if your head is spinning with questions about how to file and what will happen if you do, then take comfort. You are not alone. CNN Money estimates that 72 percent of Americans were stressed about money in December of last year. If you are facing a bankruptcy, your first step should be contacting an experienced lawyer who can guide you through the process and help you decipher between real concerns and unnecessary fears. To illustrate, here are just five of the biggest bankruptcy myths plaguing consumers today. You have to give up everything you own. It is very unlikely you…

  • How do Bankruptcy Lawyers Get Paid?

    ByGoodblatt • Leo Hours Categories Bankruptcy, Chapter 13, Chapter 7

    You might wonder how you can afford to pay a bankruptcy lawyer if you are unable to pay your other bills. If so, you are not alone. But the cost of retaining an Orlando bankruptcy lawyer may be more reasonable than you think. It is, however, important to understand how a bankruptcy lawyer is paid. After all, if you are contemplating bankruptcy, the assumption is that you have limited funds and are unable to pay most of your bills. First, Decide What Type Of Bankruptcy Case You Are Filing The type of bankruptcy protection you are using makes a big difference in your lawyer’s options for charging and collecting his or her fees. There are two types of bankruptcy cases that individuals typically file. Each…