How is a Chapter 13 Plan Payment Calculated?
If your household income exceeds the median income for your household size and location, you will need to file under chapter 13 in most cases. There are some rare exceptions which I won’t discuss in this article. Your monthly chapter 13 plan payment amount is based on your disposable income as calculated using the Chapter […]
How Often Can I File Bankruptcy?
Repeat Bankruptcy Filings: How Often Can you file? An attorney will look-up your previous bankruptcy filing to verify the date. The timelines start with the date of filing not the date of discharge. Waiting Periods Apply to Discharge First, some clarification is needed. You can file successive bankruptcy cases, however, you will not receive a […]
Which Chapter of Bankruptcy Is Right For Me?
If you are considering filing for bankruptcy, then you may be aware that there are a few different types from which to choose. What you might not know is that, depending on your financial situation, you might not qualify for the type of bankruptcy that you are considering. The law provides restrictions on which form […]
What happens to mortgages in bankruptcy?
What happens to mortgages in bankruptcy? It depends on which chapter of bankruptcy you file under and what your intentions are. Chapter 7 If you file a chapter 7 and you want to keep the home, you will continue making payments as you normally would. However, you should be certain that your equity does not […]
Chapter 13 Confirmation Hearing
After a debtor files for chapter 13 bankruptcy, the court schedules a confirmation hearing. If there are no objections to the debtor’s proposed chapter 13 repayment plan, the court will vacate the hearing and confirm the chapter 13 plan without a hearing. If there are objections to the plan, the originally scheduled confirmation hearing may […]
Should I file chapter 13 bankruptcy if I have equity in my home?
If the equity in your home exceeds the exemption limit in Colorado, you may be at risk of losing your home by filing a chapter 7 (liquidation). In such cases, I recommend filing a chapter 13 (reorganization/non-liquidation). In most cases, the equity in a home is not sufficient to impact your monthly chapter 13 plan […]
Chapter 13 Bankruptcy Creditors
Chapter 13 Bankruptcy – How do Creditors get Paid? Secured Debts In most cases, you will make payments to secured creditors (e.g. mortgage, auto loan) outside of the bankruptcy just as you normally would. If you qualify, you may seek to reduce the amount of principle you owe on a vehicle or other secured asset […]
Top Five Reasons People File Bankruptcy
The Top 5 Reasons To File Bankruptcy 1. Stop a Wage Garnishment. Wage garnishment hinders the person’s ability to pay their regular monthly bills, such as rent and car payments. 2. Get a Fresh Start. The person may begin rebuilding their credit within six months of filing bankruptcy. The bankruptcy may end their legal […]
Am I eligible for chapter 7 bankruptcy?
Am I eligible for chapter 7 bankruptcy? You can file chapter 7 bankruptcy only once every eight years. If you filed a chapter 13 in the past and want to file a chapter 7, the rules are a little more complicated. Call an attorney for more information. Many people ask whether they are eligible for […]
When Chapter 13 is Preferred
When a Chapter 13 Bankruptcy May Be Preferable to a Chapter 7. 1) A Chapter 13 can remove a second mortgage from your home. Your attorney must file a motion to value collateral. To qualify, you must show that your home is worth less than the first mortgage at the time of filing. If the […]