The point of Chapter 13 bankruptcy is to give you affordable payments to pay off what you owe. These are due on a monthly basis.
Chapter 13 bankruptcy gives you an affordable repayment plan that you can use for the next few years -- typically between three and five years -- to pay back what you owe. Some of your debt may be forgiven, but the goal is repayment instead of elimination.
Every small business owner starts out feeling positive and chasing what many consider the American Dream. They read stories about other companies starting in a garage and growing into an international powerhouse, and they can't help but hope for that type of success.
Bankruptcy feels like a personal matter, but you really want to think through all of the potential ramifications in advance. You're worried that your employer may find out that you filed and then terminate your position.
When debating between Chapter 7 and Chapter 13 bankruptcy, you may be deciding if you want to have your debt forgiven after liquidating assets (Chapter 7) or if you want to pay the debt off through a repayment plan (Chapter 13).
You may have heard Chapter 13 bankruptcy referred to by its nickname: the wage earner's plan. If you ever wondered why it got this nickname, it actually tells you quite a bit about how the process works.
You opt to file for Chapter 13 bankruptcy. With your income, you know you can pay the debt off. You don't want to lose any of your assets. You just need more time to pay.
You're behind on your mortgage payments and you're facing foreclosure. You also have a lot of other debt from credit cards, personal loans and some medical bills.
If you are wallowing in debt, you are likely having trouble finding a way out of it. Debt can pile up quickly. This is an issue that millions of Americans face each year. Bankruptcy is the best option available for those who are swimming in debt with no end in site. As you prepare to consult with your attorney, be sure to ask the questions outlined in this post.
A couple previously convicted for fraud following a hurricane have filed for bankruptcy, according to a report. The couple hails from Jasper and had been convicted in 2017 for theft and fraud due to diverting hurricane relief money illegally.