MAPLE SHADE
856-864-9670
SICKLERVILLE
856-864-9670
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800-759-0767
MAPLE SHADE
856-864-9670
SICKLERVILLE
856-864-9670
TOLL FREE
800-759-0767
People dealing with high levels of debt and facing aggressive collection efforts may decide to take legal action. They can file for personal bankruptcy to eliminate some of their financial stress. During bankruptcy proceedings, filers receive an automatic stay that...
Bankruptcy is not just for those with limited assets or income. There are different types of bankruptcy that can help people in a variety of different circumstances. Chapter 13 bankruptcy is accessible to even successful professionals
Thankfully, people can protect most or all of their property from sale during even Chapter 7 proceedings.
However, the typical adult considering bankruptcy is an otherwise responsible individual whose finances have shifted. Successful professionals who earn competitive salaries are among those with the highest levels of revolving credit card debt in the United States and, therefore, are among those most likely to file for bankruptcy.
Two main factors come into play in determining how much the payments will be. The Debtor’s disposable income and the nonexempt equity in the Debtor’s property.
The length of that waiting period depends on the type of bankruptcy they filed before and the type of bankruptcy they want to file this time.
the court wants to see if the person filing bankruptcy has the means to pay something back to the creditors. To do this, the court compares the debtors income to the average income of a family the same size as the debtor that lives in the same state as the debtor
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.
