Filing Chapter7 or Chapter 13 bankruptcy may allow you to discharge certain types of unsecured debts or restructure your debt payments, but there are certain debts which will not be affected by bankruptcy. Recently on our bankruptcy forum a user asked, “If I have child support payments can I file bankruptcy and have these payments discharged?”
Recently, on our bankruptcy forum a user asked, “I was told that if I have equity in my home I cannot declare bankruptcy. Is this true? What are my options if I own a home?”
If you have a wage garnishment this means a creditor has most likely gone to court, received a court order, and been awarded a percentage of your earnings each month (a court order may not be needed for certain debts such as tax debt, child support payments, or federal student loan debts). Most wage garnishments will remain in place until the loan is completely paid. Recently on our bankruptcy forum a user asked, “Can I file bankruptcy if I have a wage garnishment?”
If you are considering filing a Kentucky bankruptcy you may be concerned that all of your property will be liquidated or you will lose your home or car. Recently on our bankruptcy forum a user asked, “If I am filing a Chapter 7 Kentucky bankruptcy can I keep my house and car?”
One of the most common questions Texas bankruptcy filers ask is, “How can I protect myself in a Texas bankruptcy and keep my home?” The good news is bankruptcy laws protect certain property regardless of whether you file a Chapter 7 or Chapter 13 Texas bankruptcy.
Although Chapter 13 bankruptcy is available for many debtors, there are specific requirements the debtors must first meet. Filing Chapter 13 bankruptcy allows debtors to complete a three or five year debt repayment plan and repay their creditors all or a portion of what they owe. Unlike Chapter 7 bankruptcy, which allows debtors to immediately discharge debts, if you file Chapter 13 bankruptcy you will not have your unsecured debts immediately discharged.
Given the complexity of bankruptcy laws it’s not always easy to understand your bankruptcy options. Recently on our bankruptcy forum a user asked, “If I am single and live in Kentucky and I make $78,000 per year can I file a Kentucky Chapter 7 bankruptcy?”
If you are expecting a tax refund and owe creditors you may be able to protect your tax refund, but it will depend on whether your debt is owed to a private creditor or to a federal government agency. Recently on our bankruptcy forum a user asked, “Does a creditor have access to my tax refunds?”
Filing bankruptcy is a serious financial decision. Before filing Chapter 7 or Chapter 13 bankruptcy you need to understand what it will and will not be able to do for you. Recently on our bankruptcy forum a user asked, “I am considering filing bankruptcy, but I want to know if it will really help me live a better life?”
Not having the ability to repay debt obligations is frustrating, not only for you, but also for creditors. If you are facing a financial crisis or you are not able to repay your debts there are certain steps you should take. Recently on our bankruptcy forum a user asked, “My bills are overdue and I missed mortgage payments, what next?”