Category Archives: Chapter 13 Bankruptcy

Four Solutions When a Chapter 13 Bankruptcy Plan Goes Astray

 

It has been said that the better laid plans of mice and men can often go astray. Filing a chapter 13 bankruptcy plan does not always guarantee success, even when you have legal expertise in your corner. Less than a third of all chapter 13 bankruptcy plans filed are ever completed. Things can change during a plan that can cause it to go astray from what was planned to happen. Here are four possible solutions when a chapter 13 bankruptcy plan goes astray: Continue reading

The Best Interest of Creditors in Bankruptcy Law

Unless you are in the business of lending money to others, most of you might not think there is such a thing as a best interest of creditors, even when it comes to bankruptcy. The truth is that bankruptcy laws have been passed to make a level playing field for both creditors and debtors. Therefore, there is actually a bankruptcy law that looks after the best interest of creditors in the bankruptcy process. Continue reading

Under Funding a Chapter 13 Bankruptcy Plan

A chapter 13 bankruptcy is for wage earners who make a reorganization plan of their existing disposable income to fund payments over a 3 or 5 years to pay off all or a part of their unsecured debts. Under funding in a chapter 13 bankruptcy plan is more common than one might think. Continue reading

California Debtor Facing Choice of Filing for Bankruptcy

One California debtor recently blogged his bankruptcy story over a bankruptcy website. The debtor has fallen on hard times due to a cocaine addiction, but rehab has given him a fresh new start. He lost his job and now makes 1/3 of his former salary. He owes unsecured creditors $90,000 and the IRS $35,000 in back taxes. His assets include a home with about $100,000 to $150,000 equity. He is being totally overwhelmed with collector calls, can only pay for food and mortgage payments, and wants to know what to do. Continue reading

Repo-man with Deficiency in Chapter 13 You Can

Repo-man is slang for a collection’s company representative who repossesses property for a creditor. The creditor must be using the property as security for a financial credit instrument. A creditor has the property of a debtor repossessed by a repo-man when a debtor defaults on a secured note. After repossession, the property is normally sold for its current value to recover the amount owed the creditor. If the amount obtained is less than the amount owed the creditor, the difference is called a deficiency. Continue reading

Better Understanding the Chapter 13 Bankruptcy Payment Plan

Understanding the chapter 13 bankruptcy payment plan is complicated not only for first time bankruptcy filers, but it can be complicated for bankruptcy attorneys as well. This article is an attempt to help first time filers better understand the chapter 13 bankruptcy payment plan. Continue reading