CHAPTER 13 Archives -

Bankruptcy Options for Married Couples

Posted On March 12, 2019
Categorized In Bankruptcy, Debt
Written By Jim Mielke

Married couples often share the same debts, but that is not always the case. There are bankruptcy filing options for both situations. One partner may need to wipe out their debts but want to avoid harming the other partner’s credit. In some states, it can be beneficial to file for bankruptcy jointly. Before deciding, you should know the pros and cons of each filing option for married couples.

One Spouse Filing for Bankruptcy

If a couple is in a situation where only one of the two partners needs to file for bankruptcy, filing individually may be the right choice. An individual can file for chapter 7 or chapter 13 bankruptcy.

Did You File for Bankruptcy in 2018? Here Is How It Affects Your Tax Return

Posted On February 3, 2019
Categorized In Bankruptcy
Written By Jim Mielke

So, you made the decision to reclaim your life from financial trouble in 2018 and file for bankruptcy. When you file, you basically separate from your estate. You can think of your estate as a separate person. This can create some complexities during tax season. To add more into the

How the New Bankruptcy Bill Affects Small Businesses

Posted On February 2, 2019
Categorized In Bankruptcy
Written By Jim Mielke

There are many reasons a business looks at bankruptcy as an option. Competition, economic climate, lawsuits, and many more situations can create an unsustainable environment. Believe it or not, some businesses cannot afford to declare bankruptcy so they just close. The new bankruptcy bill was inevitable. Support for small businesses

Three Thing To Know About Chapter 13 Bankruptcy Cases

Posted On March 12, 2018
Categorized In Bankruptcy, Credit Cards, Debts, Negotiations, & Settlements
Written By Chris

Chapter 13 bankruptcy is a form of bankruptcy that requires the debtor to enter into a plan of debt repayment. It is similar to debt consolidation, but has the backing of Court approval, so your lenders do not have a choice about whether to participate in your proposal. When a

Two Ways To Prevent Foreclosure

Posted On October 16, 2017
Categorized In Bankruptcy
Written By Chris

Foreclosure is your mortgage lender’s way to take back your house if you become delinquent on your mortgage note. Some lenders act more quickly than others, while some take a while to start the foreclosure process. In either case, you need to know that there are things you can to

Is The Paperwork Different For A Chapter 7 Versus A Chapter 13?

Posted On September 7, 2017
Categorized In Bankruptcy
Written By Chris

There are two types of consumer bankruptcy cases; a Chapter 7 and a Chapter 13. A Chapter 7 is a total liquidation of all of your debts, expect the ones for things you want to keep. Most people need to hang on to at least their home and their car,

What Can I Do If My Chapter 13 Plan Payments Are Too High?

Posted On September 6, 2017
Categorized In Bankruptcy
Written By Chris

Most people who file bankruptcy don’t have a lot of extra money each month. For this reason a Chapter 7 case is usually preferred, because a Chapter 7 will get rid of all of your unsecured debt while a Chapter 13 will require repayment of at least a portion of

How Does Bankruptcy Affect Credit?

Posted On September 1, 2017
Categorized In Bankruptcy
Written By Chris

If you are having a hard time paying the bills and are behind on certain things, chances are your credit score has taken a hit. Your credit score is what lenders rely upon when making loans, and a higher score usually results in being offered more favorable lending terms. The

Can I Buy A New Car If I File For Bankruptcy?

Posted On August 11, 2017
Categorized In Bankruptcy
Written By Chris

Houses and cars are the two biggest purchases most of us make during our lifetimes. A lot of research goes into making either of these purchases, and both can be life changing. When you buy a new home you are making the decision to plant roots, and maybe raise a

Can My Student Loan Lender File A Proof Of Claim In My Bankruptcy After The Deadline?

Posted On August 9, 2017
Categorized In Bankruptcy
Written By Chris

When consumers have more debt than they can repay, bankruptcy is a good way to eliminate that debt and get back on track. There are two types of bankruptcy available to a consumer, a Chapter 7 or a Chapter 13. A Chapter 7 is a liquidation of debt, where all

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