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
Filing for personal bankruptcy is a decision that individuals generally make out of absolute necessity. Perhaps they have lost their job and have started falling behind on their monthly obligations. Maybe they have a health issue that leaves them unable to work and...
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.
While they seem beneficial on paper, consolidation loans can often do more harm than good.
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 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
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
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
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.
