Although it may feel extreme, filing for bankruptcy is often the best solution when your debt has reached truly unmanageable levels. Learning more about the basics of bankruptcy and the problems with different credit card debt solutions can help you make better financial choices.
Cherry Hill Bankruptcy Blog
Some people will file for Chapter 13 bankruptcy because their income is too high to qualify for Chapter 7 proceedings or because they have valuable property that they don’t want to risk losing in the bankruptcy process. Chapter 13 Bankruptcy does not require the liquidation of your personal property but will instead necessitate a repayment plan.
Are you now prevented from suing. If there is no bankruptcy, then the answer most times would be yes. However, section 108 of the bankruptcy code states that if the statute of limitations has not expired when the bankruptcy was filed, then the time to sue does not end until the later of when it normally would have run out (2 years) OR 30 days after the automatic stay ends. So in this example, you could still proceed with the lawsuit as long as you file within 30 days of getting the permission tp proceed
The Coronavirus has taken its toll on numerous and diverse businesses. Retailers and restaurants are two of the businesses that have been hit the hardest. On December 5, 2022 Bertucci’s Brick Oven Pizza & Pasta filed a Chapter 11 bankruptcy.
With Chapter 7 bankruptcy, the goal is to eliminate the debt. Typically, the person filing does not lose any assets. Occasionally someone will file knowing they will lose an asset but decides to file anyway because of the amount of debt they owe and they cannot afford to pay the equivalent value of that asset in a chapter 13.
Chapter 13 is an extremely helpful way to protect assets such as save your home from foreclosure by paying mortgage arrears over time, reducing what is owed on a car and reducing debt in general, among other things.
The City of Chester is home to the Philadelphia Union soccer team. Thanks to the outstanding play of goalie Andre Blake, a great defense and lots of scoring, the Philadelphia Union have advanced to the Eastern Conference Finals. Unfortunately, the Stadium and a nearby Casino have done little to boost the financial fortunes of Chester Pennsylvania.
Where you live can impact the type of bankruptcy you can file. That is because several years ago, Congress determined that in deciding whether a debtor can wipe out their debt entirely or must pay some of the debt back, there should be more focus on a debtor’s income
Credit cards can have a major impact on both the need to file bankruptcy and your ability to improve your credit score after bankruptcy.
It should be noted that Chapter 7 and Chapter 13 bankruptcy doesn’t generally discharge Student loan debt, although there are exceptions for Undue Hardship. In addition bankruptcy can impact certain private student loans. Chapter 13 can also be used to hold off on student loan collection during the five year chapter 13 plan.