Chapter 13 bankruptcy filings often requires that a filer pay something every month to a trustee. The trustee distributes those payments according to a court-approved plan. Nothing in the Bankruptcy Code requires a minimum payment, a minimum dividend, to be paid to any general unsecured creditor such as like a credit card. They often get zero. The required payment [...]
Chapter 13 Bankruptcy
If you’re in an active chapter 13 bankruptcy case, or you are contemplating a bankruptcy filing, you may have your eyes on the potential sale of your real estate down the road. The timing of your decision is critical. In recent months, I’ve had a number of people come to my office with a real estate deal [...]
One of the most stubborn myths about bankruptcy is the one which says that chapter 13 requires full payment of all your debts over 60 months. If true, this would indeed rule out chapter 13 for most consumers. After all, what good would come from being granted 60 months to pay off all your debts? If you can’t [...]
It is a real accomplishment to complete your Chapter 13 case. In an environment where jobs come and go, unexpected expenses can pop up and more than two-thirds of all Chapter 13 plans fail, anyone who fulfills the terms of his Chapter 13 plan should take pride in this milestone. Be aware, however, that making [...]
Top 15 Lies About Bankruptcy Lie #1: Congress Ended Bankruptcy in 2005 Truth-o-Meter: Even though the 2005 amendments to the Bankruptcy Code known as “BAPCPA” were passed a long time ago, we are still hearing a lot of misinformation about this. Some of the worst falsehoods that bill collectors still are saying are: The [...]
Bankruptcy! I don’t want to file bankruptcy! Hey, if you do want to file, there is something wrong with you. But you want to keep your house? Avoid foreclosure? Which option hurts more: losing your home, or, filing bankruptcy? We humans make decisions based on our emotions: we shy away (or run, if you are [...]
