Chapter 13 bankruptcy is a legal option that allows individuals to reorganize their debts and create a repayment plan. This type of bankruptcy provides a way to catch up on missed mortgage payments and prevent the bank from foreclosing on the property. Protection...
Chapter 13 Bankruptcy
What is the process to file for Chapter 13 bankruptcy?
Filing for Chapter 13 bankruptcy is a significant step for anyone struggling with debt. It allows individuals to reorganize their financial obligations and pay them off over time. Understanding the process can make it seem less daunting and more approachable....
How does Chapter 13 bankruptcy affect your credit score?
Filing for Chapter 13 bankruptcy has significant effects on a person's credit score. It can provide a way to manage overwhelming debt, but it also comes with consequences for creditworthiness. Understanding these effects helps individuals make informed decisions about...
3 FAQs about Chapter 13 bankruptcy
Dealing with financial hardship is an overwhelming and stressful experience. It is not uncommon for individuals to find themselves drowning in debt, struggling to make ends meet, and facing the constant pressure of creditors. In such challenging times, bankruptcy can...
Is bankruptcy the only way to stop a home foreclosure?
When you take out a mortgage loan to finance the purchase of a home, you put up the property itself as collateral for the sake of protecting the lender's interests. If you struggle to keep up with your mortgage payments, then, the lender has every right to force the...
What should you do if you want to pay back your debts?
If you are in debt, you probably prefer to pay it off rather than file for bankruptcy. This is because paying back your debts can help you get back on track with your financial goals. Here are some tips to help you pay off your debts. Pay more money than your monthly...
Benefits of Chapter 13 bankruptcy
When you find yourself in a situation during which you are unable to keep up with debts and other payment obligations, filing for bankruptcy can provide the chance for a fresh start. Chapter 13 is one of the most common forms of bankruptcy, and it is often the...
Does filing bankruptcy discharge medical debts?
No one wants to consider the possibility of falling into debt. However, with medical costs as high as they are, it is possible that anyone with a health emergency could also enter into a financial emergency at the same time. Bankruptcy often feels like a scary point...
A look at Chapter 13 eligibility
If you are going to file for bankruptcy, it is crucial to have a solid understanding of all options on the table and determine which strategy suits your needs best. Depending on your situation, this could mean filing for Chapter 13. However, it is crucial to...
What 3 things should you know about the Chapter 13 repayment plan?
Chapter 13 bankruptcy cases rest largely on the creation and completion of repayment plans. Due to any number of factors, you may find yourself struggling financially, despite having a regular income. To achieve a fresh start, like others, you have likely considered...
