Chapter 13

With a chapter 13 bankruptcy, also known as a “wage earner’s plan,” individuals pay an agreed-upon monthly amount to an appointed impartial trustee, effectively consolidating debts into one monthly amount. The trustee then distributes the money to the filer’s creditors, and the debtor doesn’t have any direct contact with creditors. Source – Investopedia

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Can I Change My Mind After Paying for a Bankruptcy Filing?

Sometimes, people who intend to file for bankruptcy protection have a change of heart once it’s done, or once they pay to have a bankruptcy initiated. According to a bankruptcy attorney, different procedures apply once the bankruptcy has been filed with a court, as opposed to when you have only paid an attorney or another …

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bankruptcy

5 Reasons People File for Bankruptcy

 According to recent data from the American Bankruptcy Institute, there were 1.2 million personal bankruptcy filings in the United States in 2012. If it’s increasingly difficult for you to cover all your bills, you find yourself using credit cards to pay for basic necessities, or you’re currently considering any type of debt consolidation program, you may be …

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cost to file for bankruptcy AskTheMoneyCoach.com

How Much Does it Cost to File for Bankruptcy Protection?

 Approximately 1.2 million Americans filed for bankruptcy in 2012 and more than 1 million more individuals are expected to go bankrupt in 2013. Continued layoffs, foreclosures, rising healthcare costs and mounting credit-card debts are all still taking a toll on many people. If you’ve thought about filing for Chapter 7 or Chapter 13 bankruptcy as …

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Avoid These Common Mistakes Or Your Bankruptcy Filing Will Be Rejected

When the debt load you’re carrying is simply too much to bear, you might have considered filing for bankruptcy protection. Filing for bankruptcy has become increasingly common the past three years thanks to the economic downturn and job cuts across numerous industries. The American Bankruptcy Institute reports that about 1.5 million personal bankruptcy cases were …

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My Credit Report Still Shows Debt Written Off in Bankruptcy!

Q: I filed for Chapter 13 bankruptcy in January 2008. I just paid it off and should be receiving my discharge soon, but I checked my credit report and there are two credit card accounts on my report that I included in my bankruptcy and that now say “transferred to another lender or claim purchased.” …

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bankruptcy

How to Save Your Car if You File for Bankruptcy

If you’re filing for bankruptcy to get some relief from creditors and get your financial situation back on track, you may have wondered what happens to personal assets like your car during the bankruptcy filing process. Many people fear losing their car to creditors when filing bankruptcy, but the good news is that in most …

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Bankruptcy

How to Save Your Home if You File for Bankruptcy

When you have taken the step to file for bankruptcy and are struggling to make ends meet, you may have wondered if your home will soon go into foreclosure. If you’re filing for bankruptcy, it’s likely that you’ve been struggling with finances for several months – even years – and may already have come close …

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Can I Include Back Owed Income Taxes in My Bankruptcy?

Many people who are filing for bankruptcy wonder if they are able to have back owed income taxes discharged during the bankruptcy process. The short answer is: Maybe. The type of bankruptcy you are filing will determine whether you can include back owed income taxes in your bankruptcy, or not. Educating yourself on the different …

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chapter 7

5 Questions You Must Ask Before Filing Chapter 7 or Chapter 13 Bankruptcy

A number of celebrities have made headlines in recent months for having enormous debts and tax problems or because they’ve filed for bankruptcy protection. Actor Eddie Murphy’s ex-wife, Nicole, reportedly owes millions of dollars, including five IRS tax liens of just under $850,000. Singer Toni Braxton recently went bankrupt for the second time, with debts …

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Lynnette Khalfani-Cox

Which Bills Should I Pay Before Filing Bankruptcy?

Q: I want to file for bankruptcy this year. Should I pay off the small bills that I can afford to pay before I file bankruptcy? A: Filing for bankruptcy will not help you “repair” your credit. It will only damage your credit – although filing for bankruptcy protection today does not have the same …

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