Chapter 13 Bankruptcy

proof of claim

What is a Proof of Claim in a Bankruptcy Case?

What is a proof of claim in a bankruptcy case? It is a written statement that tells the court, the debtor, and the trustee, along with other interested parties, that a creditor will exercise the right to receive a payout from the bankruptcy estate. In a Chapter 7 or Chapter 13 consumer bankruptcy case, when…

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bankruptcy

Using Bankruptcy to Manage Your Tax Burden: Is It Possible?

Can you use bankruptcy to manage your tax burden? Heavy tax burdens, whether it is past due state taxes or taxes due to the Internal Revenue Service (IRS), are stressful for any consumer. For most cases of tax debt, you cannot discharge those taxes through bankruptcy. While this sounds discouraging, you still have options for…

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bankruptcy

Will Your Spouse be Affected if You File for Bankruptcy?

Will your spouse be affected if you file for bankruptcy? In most cases, a married couple decides to file for bankruptcy together. However, there are instances where one spouse carries more premarital debts; therefore, it makes sense for only him or her to file. If this situation sounds like your own, you may wonder how…

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bankruptcy

What Happens if I Cannot Make My Bankruptcy Plan Payments?

When you file for Chapter 13 bankruptcy, the court assigns a repayment plan. This repayment plan was originally proposed by you and your bankruptcy attorney, and the court accepted it. Therefore, you are required to make those payments on time to the court’s trustee. But, what happens if you cannot make your bankruptcy plan payments?…

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Chapter 13 Bankruptcy

Five Tips for Surviving Your Chapter 13 Bankruptcy

Can you survive your Chapter 13 bankruptcy? Chapter 13 bankruptcy is not a quick process. Instead, you will be spending several years reorganizing your debts and catching up on missed payments. But, in return, you will keep your assets and not have to liquidate property. While there are pros and cons to Chapter 13 bankruptcy,…

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bankruptcy

Five Surprising Facts about Bankruptcy in the U.S.

Bankruptcy is not uncommon to American consumers. Even if one particular consumer has not filed, odds are high that he or she has a friend or family member who has before. Regardless of how common it is, it is still widely misunderstood. So, whether you are considering filing for bankruptcy yourself or if you have…

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Chapter 7 Bankruptcy

What Are the Steps of Chapter 7 Bankruptcy?

When you file for bankruptcy, there are a few steps that you will go through. The process is not over quickly, so by being aware of the stages, you can be better prepared for how long it will take to settle your case. Also, certain factors in your bankruptcy case could influence whether it takes…

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bankruptcy

Seven Things Not to Do Before Filing Bankruptcy

If you intend to file bankruptcy, there is plenty more that you have to do other than hiring an attorney and filling out some forms. There is also plenty NOT to do. What you do (and more specifically, what you don’t do) prior to officially filing is critical. Doing the wrong thing could result in…

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bankruptcy

What is a Bankruptcy Trustee?

When you file for bankruptcy, the court will appoint a trustee appointed to your case. The bankruptcy trustee will have various roles. The trustee is there to review the petition, look for red flags and fraudulent claims. His goal is to maximize the amount of money that your creditors will receive. Who Pays the Bankruptcy…

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341 hearing with creditors

What Happens at a 341 Hearing with Creditors?

When you file for Chapter 7 or Chapter 13 bankruptcy, you are required to attend a meeting of the creditors. This is also referred to as a 341 Hearing. During this meeting, you are not in front of a judge. Instead, your bankruptcy trustee is present, along with creditors, to discuss your debt obligations. This…

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