What if a filer loses their job during Chapter 13 bankruptcy? Chapter 13 bankruptcy is accessible to far more people than Chapter 7 proceedings. There is no means test to pass, and filers can potentially preserve all of their property without risking liquidation of any of their assets. To successfully complete a Chapter 13 bankruptcy, the filer must fulfill a repayment plan that lasts from three to five years. They first…
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Should married couples file bankruptcy jointly or separately? Falling behind financially can be a rapid or gradual process. Even with two incomes, married couples are potentially at risk of having more expenses and debts than they can manage. Sometimes, job loss or medical emergencies can lead to substantial debt accruing rapidly. Other times, an imbalanced budget might mean that people slowly accumulate credit card debt over months or…
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Chapter 7 vs. 13: How exemptions differ Exemptions decide what property you keep and what you may lose in bankruptcy. The rules apply in both Chapter 7 and Chapter 13, but they affect your case in very different ways. Why exemptions matter Exemptions protect essential property from the trustee. They exist so you can continue working and maintain stability while dealing with debt. In both chapters, the…
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Bankruptcy trustees: What they do and why it matters A bankruptcy trustee is the person the court appoints to oversee your case and make sure everything follows the law. Their role may sound distant, but every decision they make affects you directly. Here’s what trustees do and why each responsibility matters when you’re working through bankruptcy. They review your paperwork From the moment you file, the trustee goes through…
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How long does Chapter 13 bankruptcy affect credit options? Each type of bankruptcy is different. Chapter 13 bankruptcy is one of the lengthier options available. Individuals who qualify for Chapter 7 bankruptcy could discharge certain eligible debts within a few months of filing their initial petition with the courts. Chapter 13 bankruptcy takes much longer to complete because the courts require a structured repayment plan. Chapter 13 filers complete…
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