CHERRY HILL
856-254-2196
PHILADELPHIA
215-647-9891
MAPLE SHADE
856-254-2196
WILLINGBORO
856-254-2196
SICKLERVILLE
856-254-2196
TOLL FREE
800-759-0767
CHERRY HILL
856-254-2196
PHILADELPHIA
215-647-9891
MAPLE SHADE
856-254-2196
WILLINGBORO
856-254-2196
SICKLERVILLE
856-254-2196
TOLL FREE
800-759-0767
While filing a bankruptcy generally requires that you provide your attorney a lot of infomation regarding assets, liabilities, income and expenses along with doscuments like paystubs, bank statements and tax returns, and that you complete a credit counseling course that takes approximately one hour, it is still possible to file a Chapter 13 to stop the sheriff sale by filing an emergency (skeleton) petition and schedules.
Even if your income and expenses, with this add-on, still results in the need to file a chapter 13 and pay something to your creditors, your payments will be less than they would have been
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.
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.
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
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.
Can a debtor buy or lease a car while they are in bankruptcy. The answer is yes.
If you are able to file a Chapter 7 to eliminate unsecured debt, then any outstanding utility bills can be included and eliminated as well. Similarly, if you are paying a reduced amount to your unsecured creditors in a Chapter 13, the Utility Companies can be treated the same way.
Your knowledge and experience with Chapter 13 and Chapter 7 benefitted your clients
