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Chapter 13 Bankruptcy Information Archives

Protecting Yourself When Your Sole Proprietorship Closes

Protecting Yourself When Your Sole Proprietorship Closes v2.jpgYour small business represents the culmination of hard work, innovation, and your hopes for a bright future. Unfortunately, taking this risk to make it on your own can come with hiccups. In fact, many small business owners find themselves struggling with debt as part of their journey toward independence and success. At Levitt & Slafkes, P.C., we celebrate sole proprietorships and take pride in helping small business owners obtain much needed debt relief.

Creating and Implementing Your Chapter 13 Budget

Creating and Implementing Your Chapter 13 Budget v2.jpgThe decision to seek bankruptcy relief is a hard one, but one that comes from a place of necessity and strength. In pursuing bankruptcy protection, it is necessary to enter the process with open eyes and a clear understanding of what is to come. This is a particular truth when seeking Chapter 13 bankruptcy relief.

Should I Pay Off Debt With My Retirement?

Should I Pay Off Debt With My Retirement (3).jpgDebt struggles can be an incredible burden on a person's mental and emotional well being. The constant stress of a growing pile of unpaid bills, the ever-rising interest penalties, and your inability to make ends meet can result in a desire to turn off the lights and hide under your covers.

Why Would a Court Deny Bankruptcy Discharge?

Why Would a Court Deny Bankruptcy Discharge.jpgNo matter what you have read online, the decision to pursue bankruptcy proceedings is a deeply personal one and is not a one-size fit all solution for everyone. In fact, bankruptcy proceedings can be complicated and may not turn out the way you hope. This is why it is necessary to consult with a knowledgeable and experienced attorney to consider your circumstances and help you weigh your options.

Understanding Debt Classifications in Bankruptcy

Understanding Debt Classifications in Bankruptcy.jpgBankruptcy proceedings are often intense and incredibly complex. For the uninitiated, the terms that attorneys and judges throw around often sound like a different language. Nevertheless, if you are interested in learning more about bankruptcy, it is important to learn some of the fundamental concepts so that you can make well-informed decisions.

Your Retirement Plan in Bankruptcy

Your Retirement Plan in Bankruptcy.jpgTrying to overcome debt problems is a hard, emotionally draining process. For many, it seems like a hopeless spiral of missed payments, juggling credit cards, selling treasured possessions, harassing calls from creditors, and growing interest penalties. If you find yourself in this situation, you need help. When attempts to pay off your debts and to negotiate with your creditors have failed, it is well past time to speak with an attorney for some relief.

You May Prefer Chapter 13 Bankruptcy Over Chapter 7

slafkes two.pngOne of the greatest things we can learn in life is excellent money management skills. Even if you possess such savvy though, life circumstances may arise that cause extreme financial duress beyond your control. This could be due to unemployment and loss of health benefits, even after years working for the same company. Or perhaps you became ill, injured, or debilitated-again, leading to further lack of income when you couldn't work. Many factors can play into financial strain. The key is in finding a solution, even when you may feel as if you have hit rock bottom. At a time like that, it can be hard to confide in anyone due to feelings of embarrassment or shame.

Why Some Debts Cannot Be Discharged in Chapter 7 or 13 Bankruptcy

Why some debts cannot be discharged.jpgIf you have found yourself in serious financial distress, you may feel completely helpless-and very alone-at first. As the calls from debt collectors escalate, bills pile up, and your income is not sufficient to pay them, you may finally seek a final solution in filing for Chapter 7 or Chapter 13 bankruptcy. With the help of an experienced bankruptcy firm like Levitt & Slafkes, PC, you will be able to find the best solution for getting back on the path to financial freedom.

Three to Five Years: Living with Chapter 13 Bankruptcy

Three to Five Years Living with Chapter 13 (1).jpgIf you are considering filing for bankruptcy, whether Chapter 7 or Chapter 13, you may have countless questions. You are probably concerned about impending sacrifices, whether you must give up all or most of your assets and how long will the entire process will last. Many debtors hope to file Chapter 7 bankruptcy as nearly all debts are discharged within a 3 to 6 months period. This is not always feasible though, due to income qualifications (see our recent blog, 'What is the Means Test--And What if I Don't Pass?'). In that case, or for other reasons such as wanting to save a home from foreclosure, you may end up filing for Chapter 13, and wondering what happens in the three- to five-year timeframe.

Bankruptcy: What is the Limit on Assets for Chapter 13 Eligibility?

Bankruptcy What is the Limit on Assets for Chapter 13 Eligibility.jpgWhile many debtors find Chapter 7 bankruptcy to be an attractive choice for filing due to the discharge available in three to six months, if they cannot pass the Means test, they must file for Chapter 13 instead. Known as the income-based bankruptcy, Chapter 13 offers many different benefits to the filer; for instance, if your home is under threat of foreclosure, it will be stopped immediately with the automatic stay, an injunction which prohibits creditors from pursuing any collections activity throughout the duration of the bankruptcy. If you are behind on payments, they can also be included in the repayment plan, allowing you to catch up-if you are also making your normal monthly.

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