Chapter 13 Bankruptcy

29 Aug Bankruptcy Petition Schedules Reveal Your Basic Information

Filing a bankruptcy petition is a process in which you disclose important information about your assets, your debts and your income and expenses. Anyone looking at your petition can usually see all they need to know about your financial condition by studying your bankruptcy schedules. Who will be looking at your bankruptcy schedules? Your bankruptcy petition is public information, accessible and available for anyone to view. Usually, however, the only ones who will study your schedules include the trustee assigned to your case, the United States Trustee’s office, and any creditors who care to.
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07 Aug Bankruptcy and a Motion To Suspend

A Chapter 13 bankruptcy is a bankruptcy where you can adjust your debts and "keep your stuff" as one trustee says. During the lifetime of the Plan you might fall behind on the payments that you have agreed to make to keep your stuff. When this happens a Motion to Suspend the Plan payments can prevent your case from being dismissed while bringing the account current. However, it is not like winning the lottery as some debtors believe because there are restrictions and repercussions to filing a Motion to Suspend. Your Plan can only last 60 months and generally you can never fall behind more than two months worth of Plan payments before a Motion to Dismiss is filed in your case.
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06 Aug Accident Injury Claims and Chapter 13 Bankruptcy

bankruptcy special counselWhen I meet with a potential Chapter 13 client, I always emphasize that the five year term of a repayment plan can be a very long time and that something unexpected will almost certainly happen. One of the more common unexpected events may very well be injury claims of some type. If you have ever watched daytime television you know that there is no shortage of lawyers ready, willing and able to help you pursue injury claims for money damages if you are injured in a car accident, at work, due to a product defect, or if you need to file a claim for Social Security disability benefits. What happens if you need to pursue one of these accident injury claims after you have started your Chapter 13 repayment plan?
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26 Jun Chapter 13 Bankruptcy Plan Payments Can be Lowered if Your Income Decreases

When a Chapter 13 bankruptcy plan gets confirmed by the Bankruptcy Court, the monthly payments you are supposed to pay to the trustee are set by the confirmation order. But they are not always set in stone. A Chapter 13 bankruptcyPlan can usually be modified if there is a significant and unanticipated change of circumstances, such as an unexpected reduction in income. In many cases your lawyer can make a motion to modify the confirmed plan. If you have less money to pay to the trustee, you can propose to lower the monthly payments. You can also propose tolower the percentage being paid to the unsecured creditors, and toextend the duration of the plan to 60 months, if it not already a 60 month plan. If you are proposing to lower your monthly payments, you will also have to submit a new budget (Schedules I & J). This amended budget must show that your current household income and expenses have decreased your disposable income to the amount you are proposing to pay in your modification. There may be some limitation to how much you can lower your payments to the Trustee.
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