Articles Posted in Chapter 13

If you’re interested in who is filing bankruptcy, look into the latest ABI Journal’s Bankruptcy by the Numbers to learn more about bankruptcy debtors by the numbers. Decline in bankruptcy filings Bankruptcy filings have declined by nearly one-third since peaking in September 2010. And the total number of bankruptcy filings across all demographics have declined…

Chapter 7 is a quick and easy way of discharging your debt. But Chapter 7 doesn’t solve secured creditor problems and is unavailable to higher income debtors. You will want to use a Chapter 13 bankruptcy to restructure your debt if Chapter 7 won’t work for you. If you’re considering filing Chapter 13 Bankruptcy in…

Filing bankruptcy gives you immediate relief from debt. But not every person who files for bankruptcy qualifies for Chapter 7 liquidation. In many cases, you make too much income to file a Chapter 7 bankruptcy. Under those circumstances, you should consider filing a Chapter 13 bankruptcy. In a Chapter 13 you wind up needing to pay back…

If you want to file Chapter 7 bankruptcy, you must pass the Chapter 7 bankruptcy means test. Congress designed the Chapter 7 bankruptcy means test to prevent higher income-earners from discharging debts they have income sufficient to pay. The means test affects the chapter of bankruptcy under which you are eligible to file. Discuss your…

Deciding whether to file for bankruptcy is an important choice. Once you’ve made the decision to get serious help with dealing with your debt, you have another choice to make. You need to decide which chapter of the bankruptcy code to file under. Talk to a qualified and experienced Maryland bankruptcy lawyer. Call Lee Legal…

The lien strip in Chapter 13 bankruptcy can remove a lien guaranteeing a loan against your real property. The lien strip reclassifies the second mortgage or home equity line of credit (“HELOC”) from secured debt to unsecured debt. Lien stripping sometimes allows bankruptcy debtors to keep their homes. Most Chapter 13 lien strips also allow…

In most bankruptcy cases, the main purpose of filing is to obtain a discharge.  The bankruptcy discharge is essentially a legal injunction against the enforcement or collection of debts. To obtain your bankruptcy discharge, you must complete two separate courses: credit counseling and debtor education. Via different providers, you can take these courses either online…

I frequently have bankruptcy clients who own timeshares with Blue Green, Marriott, Starwood, Westgate, Wyndham, Hilton, Powhatan, Playa Linda, etc. These clients often want to know: What Will Happen to My Timeshare in Bankruptcy? Have you ever seen the movie The Queen of Versailles? If you own a timeshare, you should give it a look. The…

According to American Student Assistance, around 60 percent of all students attending college or pursuing higher education borrow money to pay for tuition. As of 2012, the average student loan balance among all age groups was $24,301, with around a quarter of borrowers owing more than $28,000. These high student loan balances are a major…

Bankruptcy provides an important opportunity to eliminate debts that you are struggling with and cannot pay. However, many people are reluctant to consider bankruptcy even when filing makes sense. This reluctance can stem from serious concerns about having to give up essential possessions such as your car. I frequently answer the question: Can I Keep My…