personal property Tag

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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29 Sep Can I File Bankruptcy if My Only Income is Social Security?

If your only income is Social Security or SSD, you can file bankruptcy. But you may not have to. If you do not plan on going back to work, you may not need to file bankruptcy because you are considered to be "judgment proof". That means that while your creditors can sue you and obtain a judgment, they may not be able to collect anything from you. Creditors generally cannot recoup any money from your social security income. You should determine, however, if you own any other real or personal property that creditors could get their hands on. It is best to review your situation with an experienced consumer bankruptcy attorney.
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11 May Is Reaffirmation of a Mortgage Required?

When you file for bankruptcy, you are generally given three choices with regard to a secured debt; that is, a debt that is attached to a lien on something you own. The Bankruptcy Code specifically deals with reaffirmations and when and how they must occur. That information appears elsewhere on this site and there is debate over whether there is a fourth option to keep the collateral and continue paying the debt without reaffirming. But, do you need to reaffirm a mortgage too? When the Bankruptcy Code was changed in 2005, much emphasis was placed on reaffirming secured debt. The lenders proposed, and paid for, a change in the law to require a consumer to reaffirm a car loan or the lender would be given the right to ignore the bankruptcy and repossess the car. The same is true for loans on other kinds of personal property. When you do not reaffirm a loan secured by personal property, the automatic stay of the bankruptcy case is automatically terminated. It is up to the lender and state law what happens next. But what about real property? What about your home? Do you need to reaffirm a mortgage to keep it and be allowed to keep paying the payments when you file for bankruptcy?
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18 Mar My Husband Or Wife Is Filing A Bankruptcy… How Will It Affect My Personal Property

If it is clear what personal property is yours and what belongs to your spouse, then when your spouse files a bankruptcy there should be little or no detrimental effect on your personal property. Of course, to the extent your spouse's personal property is not protected by a bankruptcy exemption, a Chapter 7 trustee can take it, sell it and use the proceeds to pay your spouse's unsecured creditors. The problems begin when the ownership of personal property in your household is less than clear. In some families, all of the vehicles are titled to the husband, even though one is used exclusively by the wife. Who owns the wife's vehicle? She may consider it hers, but by law, if it is titled to the husband, it is owned by the husband, and to the extent it is not protected by an exemption, can be taken by the trustee. What about untitled property?
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