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Chapter 13 Archives

Chapter 7 & Chapter 13 Bankruptcy: Three Fears That Keep Debtors from Filing

Chapter 7 & Chapter 13 Bankruptcy Three Fears That Keep Debtors from Filing.jpgThere is often a lot of emotion attached to how and when we spend money. For instance, we spend when we are happy, we indulge in retail therapy when we are bored or sad, and we may even feel depressed when we cannot pay the bills. While mismanagement of money is sometimes the reason for our financial downfall, more often it is due to an unexpected life event like a major illness, car accident, loss of job, or even divorce.

After Bankruptcy: Plan for Good Financial Health

after bankruptcy plan.jpgIf you are considering bankruptcy or have just filed, you are probably looking forward to exiting a dark time. Financial problems can happen to anyone-but no matter the level of accomplishment or income you may have achieved, people often feel embarrassed when they file Chapter 7 or Chapter 13 bankruptcy. Hundreds of thousands of people file bankruptcies every year in the United States, often doing so after years of struggling to keep up with the ever-increasing cost of living. And as you may have experienced, mild financial problems escalate quickly when an unexpected (and expensive) event occurs like the loss of a job, illness, divorce, and more.

Managing Your Stress Levels When Money is Tight

Managing Your Stress Levels When Money is Tight.jpgYou can probably relate to the ups and downs of trying to get by financially today. Millions of others around the US are feeling the stress of balancing the household budget also, especially as the cost of living continues to rise while wage increases for many either are insufficient or are completely nonexistent. The way we feel when we have a positive grip on our finances can be hard to describe-but the reverse can often be defined as disturbing, anxiety-inducing, and downright nightmarish. Much of this stems from feeling helpless-and you very well may be somewhat helpless to pay numerous bills, especially if you have been hit hard by a medical issue, unemployment, divorce, overwhelming student loan debt and more.

On the Verge of Bankruptcy & Divorce: Filing with a Strategy in Mind

on the verge of.jpgAs most will attest, marriage and money can be a complex combination. When you got married, you and your spouse likely merged finances with a positive outlook, looking forward to all the benefits of a strong partnership. As the years pass though, there are inevitable challenges which must be weathered together-and finances are often connected to them in one way or another.

Avoid Any Question of Fraudulent Behavior When Filing for Bankruptcy

avoid any question of.jpgAlthough most debtors preparing to file for bankruptcy are under serious financial duress, they may still have issues regarding spending and asset allocation that require consideration in pre-planning. You may be eager to get your case rolling along-whether filing for Chapter 7 bankruptcy or Chapter 13-but it is imperative that you consult with your attorney regarding your entire financial picture, including all open accounts, recent purchases on credit, property exchanges that could raise concerns, and more.

After the Bankruptcy Discharge: Forging Ahead on a Positive Note

after the bankruptcy.jpgWhile many still see a stigma attached to the process of filing for bankruptcy, just as many debtors (and some in the public eye) are completely upfront about their financial struggles. You may have friends or family who have filed after extreme financial challenges. While they began the process in a state of stress, once their debts were discharged you may noticed them announcing their joy on social media, calling loved ones, and celebrating overall. This is indeed a time for rejoicing, as the discharge of debts represents a clean start and new control over finances.

Chapter 7 & Chapter 13: What is Bankruptcy Pre-Planning?

Chapter 7 & Chapter 13 What is Bankruptcy Pre-Planning.jpgLike millions of others before you in the US, you may have decided to file bankruptcy due to an overwhelming amount of debt. You probably never expected to be in such a position, but life is full of surprises and unfortunately, they are not always good when it comes to finances. If you have been struggling with a torrent of medical bills after a car accident, the loss of your job, a difficult divorce, or maybe even all these events in the past few years, filing for bankruptcy may be the best solution.

How Many Times Can I File for Bankruptcy?

How Many Times Can I file for Bankruptcy.jpgThe goal behind filing for bankruptcy is to pave a new financial path for yourself, free of debt. The stories behind bankruptcy vary, however, and are often the result of unexpected, even catastrophic events. And just because something happens once, unfortunately, does not mean it can't happen again.

The Hail Mary: Filing for Bankruptcy to Save Your Home

The Hail Mary Filing for Bankruptcy to Save Your Home.jpgIf you are in a serious financial crisis, it may seem like every part of your life has been affected in a negative way. Your options-as well as your future-may suddenly seem terribly constricted. You may feel very alone, and as if you can't talk to anyone about these problems, sometimes even including your own family. If you reach out for help though, you may be quite amazed at the positive results-and tremendous relief-you can achieve.

The Cramdown: Lowering Your Car Payment in Bankruptcy

Property is often one of the main concerns in bankruptcy. The potential loss of your home or car may become a central focus, as well as the deciding factor in whether you file for Chapter 7 or Chapter 13 bankruptcy. While Chapter 7 is generally considered the liquidation bankruptcy, you can still usually keep your car and home as exempt items and continue to pay on them. In Chapter 13, there is generally no question about keeping your property as it is reorganized into a larger repayment plan overall with debts paid off in three to five years. You may also be able to negotiate better payouts overall, with the cramdown serving as a perfect example.

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