Should Your Chapter 13 Repayment Plan Be 5 Years Or 3?

Chapter 13 bankruptcy differs from what many people think of as bankruptcy — the liquidation and one-time sale of your assets — by including a repayment plan for eligible debts. And when you choose Chapter 13 bankruptcy, you face one of two time frames: either a three-year plan or a five-year plan. Which should you choose? And can you change your mind? Here's what every debtor needs to know.  Why Choose a Three-Year Plan? Read More 

6 Steps To Follow When Filing For Bankruptcy

Filing for bankruptcy is a major decision. The process will have a long-term effect on your credit and will impact the way your creditors can collect debts from you. Here are the basic steps involved in filing for bankruptcy: 1. Gather Your Paperwork Before you file for bankruptcy, you need to gather the necessary documents. First, you'll need to produce information about your recent financial transactions. This information includes income, property, and debts. Read More 

Who Decides If A Bankruptcy Will Go Ahead?

If you're considering bankruptcy, you might want to know how the system decides who gets relief. Before you file, it's a good idea to understand who makes the decision and how it will likely go down. Judges A judge will have the final say in your case. However, there is one base factor that may give some say to your creditors. The type of bankruptcy will determine how much power the creditors have over the outcome. Read More 

Advantages of Chapter 7 Bankruptcy Over Chapter 13

One of the most important decisions to make when filing for bankruptcy is whether you should file for Chapter 7 or Chapter 13 bankruptcy. Both forms of bankruptcy can be very useful when you are trying to get out of debt. If you still aren't certain, you should consult with a bankruptcy lawyer. Your Income Is Too Low Chapter 13 is referred to as a wage earner's bankruptcy. The purpose of Chapter 13 bankruptcy is to gradually pay off some or all of your debt. Read More 

Ask Your Bankruptcy Attorney These Questions Before Filing

If you are considering bankruptcy to help get you out of debt, you'll need to schedule a meeting with a bankruptcy attorney to know what your options are. Here are some things to go over with your attorney before you move forward with the bankruptcy process. Does It Matter When You File Your Taxes? Your lawyer is going to want to know about what you have done with your most recent income tax filing, since they'll want to know about if you are expecting a refund and if you have received it. Read More