Whats the advantage to doing a chapter 13 over a chapter 7?
I am under the impression that on a chapter 13 you repay your debt but on a 7 you walk away from your debt. So does society look at a 13 more favorable? And in a 7 you start to rebuild your credit as soon as its discharged, in a 13 do you have to wait 5 years to start rebuilding your credit? If this is all true, why even offer a 13?
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Categories: information on bankruptcy Tags: chapter 13, rebuilding your credit
How long after declaring chapter 13 Bankruptcy, can one Purchase a home?
I’m declaring chapter 13, to include a mortgage foreclosure, reposession of a car and 13 credit cards. I want to buy at some point in the future. How long before I can get a mortgage again?
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Categories: information on bankruptcy Tags: chapter 13, credit cards, mortgage foreclosure, reposession
What are the benefits of filing Chapter 13 bankruptcy over just having your debts charged off?
If a person has a lot of unsecured debt that has been charged off by the lenders and the person is not eligible for Chapter 7, should they file Chapter 13? What are the benefits of filing Chapter 13 in this situation? Thanks!
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Categories: information on bankruptcy Tags: chapter 13, chapter 7, lenders, unsecured debt
How long after chapter 13 bankruptcy can you purchase a home?
Everything that i’ve read says that you can get a home after 1 year in a ch 13 bankruptcy, 2 years after ch 7 bankruptcy, and 3 years after a foreclosure. I am about to file a chapter 13, and wonder how long would I have to wait before I could purchase a home. Does anyone know the actual rule and could you point me to the website or where you got your information?
Thank you!
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Categories: information on bankruptcy Tags: 3 years, bankruptcy, ch 7, chapter 13, foreclosure
chapter 13?
After the back money owed on my house is paid under the chapter 13 law, can I file chapter 7? Iit is going to be paid by my new husband, which is allowed because it happened before we were married. it will has been 18 mths since filing 13 and am making all payments on time.
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Categories: information on bankruptcy Tags: chapter 13, chapter 7, money, mths, new husband
Is this a valid way to remove a bankruptcy from your credit report?
I have heard this is a good way to remove a BK. See below. Has anyone tried this?
Unlike other negative information which stays on your credit report for 7 years, bankruptcy can be reported for up to 10 years.
Bankruptcy courts keep cases active for a period of two years before placing them on microfiche.
If your Chapter 7 bankruptcy has aged at least 27 months since the date of discharge, your in a great position to make it disappear forever, simply file disputes with the credit bureaus indicating that your bankruptcy was a Chapter 13 and not a Chapter 7.
You need not provide any documentation to support your dispute, the burden of proof is on the government.
Bankruptcy courts do not respond to requests for verification on cases which has been archived to microfiche, as a result the credit bureaus are required to remove the bankruptcy from your credit report.
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Categories: General Tags: 10 years, bankruptcy courts, bk, burden of proof, chapter 13, chapter 7 bankruptcy, credit bureaus, credit report, microfiche
chapter 13?
do auto payments go in to a chapter 13 bk, even if you’re current? Behind on credit cards, and trying to save home. Do auto payments go in, or stay seperate?
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Categories: information on bankruptcy Tags: auto payments, bk, chapter 13, credit cards
Chapter 13?
After you file a chapter 13, is it possible to refiance, and does it hurt or help your credit?
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What Assets can be Taken in Bankruptcy
When filing for a Washington State bankruptcy, some types of property are typically non-exempt and can be used to pay at least a portion of the claims of creditors.
Examples of non-exempt property include: cash and bonds (not part of a retirement account), investments over a certain amount, a second car (for single, non-married debtors), a second home, family heirlooms over a certain value, valuable collections such as paintings, coins, or stamps, and expensive trade or business equipment.
Property You Cannot Keep In Chapter 7 Bankruptcy The filing of a Chapter 7 bankruptcy will also stop garnishments and civil lawsuit proceedings and, in most cases, discharge the debts underlying these proceedings. The length of a Chapter 7 Bankruptcy case is generally 3-4 months from filing the bankruptcy petition to the final discharge of debts. In order to find out if you qualify for a Chapter 7, it is important to talk with an experienced Washington bankruptcy lawyer.
The state median income level under the new bankruptcy laws that took effect October 17, 2005, if your income is above your state’s median income, you may not qualify for Washington State Chapter 7 protection. The median income varies from state-to-state and each state therefore has their own list of the state median income thresholds for individuals and married couples with or without dependent children.
Non-Dischargeable Unsecured Debts
Certain unsecured debts are not dischargeable in a Chapter 7 Bankruptcy and must continue to be repaid in full. These include unpaid taxes, government- backed student loans, and unpaid child support. In many cases, however, your monthly payments of these debts can be restructured and lowered by filing a Washington Chapter 13 Bankruptcy.
Chapter 7 also gives you an option to "Redeem Your Vehicle". This process involves you paying the secured creditor the fair market value of the collateral, which is typically far lower than the amount you still owe on your current car loan. In exchange for redeeming your vehicle, the creditor provides you with the release of their lien. There are several redemption finance companies we can refer you to that will provide you with a loan will have new and lower payments based upon your vehicle’s current and fair market value.
By: Isabel Searie
At Washington State Bankruptcy Attorney over 90% of individuals and families still qualify for Washington State bankruptcy laws under the 2005 bankruptcy reform act.
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Categories: personal bankruptcy Tags: assets, bankruptcy, chapter 13, filing, online, value
Filing Chapter 13 Bankruptcy Online
Filing a Simple Bankruptcy
We all know times are tough and, for some of us, bills are getting harder to pay each month. If the debts you owe are more than what you can afford, you should read on.
Filing a bankruptcy can be the answer to your problems. A bankruptcy is a way to discharge your debts completely so you can have a fresh start in your financial and personal life. You can only file a bankruptcy once every 6 years and once filed, it can become part of your credit history
Before filing, you want to know two things: 1) that your monthly expenses (i.e. rent, phone, medical payments and just about anything else paid by you for the living expenses of you and your family) are more than your monthly net income and 2) that your assets (all property you own at its current market value) are worth less than your liabilities (that is, the debts you presently owe and that you will list in your bankruptcy petition).
The next step in filing a bankruptcy is to have the actual petition prepared. The petition is an extensive document listing all of your income, assets and liabilities as well as other information with respect to your financial history. You must list all of the creditors that you owe money to and want to be discharged from that debt. Any creditor that you do not list will always remain your creditor. For example, you may want to keep one of your credit cards if you do not list that credit card company on your petition then you can continue to use that line of credit (of course, you will continue to make your monthly payments for that credit card).
Your petition will be filed in the bankruptcy court for about a $150.00 fee. The moment your petition is filed an automatic stay is in place that means your creditors listed in the petition must stop their collection procedures during your bankruptcy proceeding.
Only those creditors you list in the petition will be notified with respect to your filing for bankruptcy. In about 30 days from your filing date, you will be scheduled for a first meeting of creditors (called a section 341 meeting). At that meeting, the bankruptcy trustee (the person from the court) will ask you some questions. The trustee is interested in discovering whether you have any property or assets available for the benefit of your creditors. By law, you are allowed to keep certain property and the trustee’s questions are very straightforward and not at all intimidating. When the trustee is finished, your creditors are given an opportunity to speak. If none of your creditors appear then an additional 60 days is set for anyone to make any objections or file any additional papers. If nothing happens in that 60 day period, your bankruptcy will be granted and you will be relieved from all debts listed in your petition.
This article is certainly not all inclusive and is intended only as a brief explanation of the legal issue presented. Not all cases are alike and it is strongly recommended that you consult an attorney if you have any questions with respect to any legal matters.
Any questions and/or comments with respect to this topic or any other topic, contact:
http://www.appellate-brief.com
Law Offices of Susan Chana Lask
853 Broadway, Suite 1516
New York, NY 10003
(212) 358-5762
Susan Chana Lask, Esq. c 2004
About The Author
Susan Chana Lask is named in the media as New York’s "high powered attorney". She practices sucessfully all civil, criminal & appeals cases in State & Federal courts nationwide. http://www.appellate-brief.com
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Categories: personal bankruptcy Tags: chapter 13, expences, medical, online, personal, phone, simple