When it comes to this debt, while it’d be natural to assume the medical bills were for hundreds — or even thousands — of dollars worth of medical treatments, the truth is that many of the debt showing up on consumer credit scores are for less than a few hundred dollars. Others are for as little as $20 co-pays. However, even just $20 can still wreak havoc on a person’s credit score and greatly impact their financial future.
Source: bankruptcylawyersanjoseca.com
Video: Bankruptcy : Chapter 7 VS Chapter 13
Is Chapter 13 Better Than Chapter 7?
The most commonly sought form of bankruptcy is Chapter 7. This is because most people experiencing financial hardship desire to have their debts eliminated and may assume they cannot afford to repay their debts. Filing for Chapter 7 bankruptcy can resolve debts much faster than in a Chapter 13 bankruptcy, but there are some additional considerations that may not bode well for choosing Chapter 7.
Source: leebankruptcy.com
Chapter 7 vs. Chapter 13 Bankruptcy
Even if it is less burdensome if you are given more time to pay-off the debt, it is at some point a disadvantage too. You are indebted to your creditor for a longer period. Also during this time, a trustee will handle your account making sure that you pay your debt regularly and on time. This is seen as a disadvantage by some since the trustee will require a regular financial report from you that includes even private financial activities. Another disadvantage is that Chapter 13 costs more on your part to file since bankruptcy attorneys usually charge more because of additional work. You also need to pay the trustee for handling your finances.
Source: simplefinanceblog.com
Eric Lanigan Video Explains Chapter 7 vs. Chapter 13 Bankruptcy
Eric Lanigan and Roddy Lanigan of Lanigan & Lanigan, P.L., are lawyers in Winter Park, Florida, who provide legal representation to clients in Central Florida regarding bankruptcy, business and civil litigation, criminal law, foreclosure, immigration, mortgage workouts, security and investment losses to clients in Florida including Altamonte Springs, Boca Raton, Cape Canaveral, Clearwater, Cocoa Beach, Daytona Beach, Deland, Deltona, Fort Lauderdale, Fort Meyers, Gainesville, Heathrow, Jacksonville, Jupiter, Kissimmee, Lake Mary, Maitland, Melbourne, Miami, Mount Dora, Naples, New Smyrna Beach, Ocala, Orlando, Palm Beach, Sanford, St. Petersburg, Tampa, The Villages, Vero Beach, Windermere, Winter Park, Winter Springs. Eric Lanigan and Roddy Lanigan practice law in Brevard County, Flagler County, Lake County, Marion County, Orange County, Osceola County, Polk County, Seminole County, Sumter County and Volusia County.
Source: laniganpl.com
Advantages of Chapter 13 After Stopping Repossession of Your Car or Truck
If you decide through the advice of your attorney that it’s in your best interest to surrender the vehicle, then your Chapter 13 plan will not propose to pay anything to the secured portion of the debt. Instead after you surrender the vehicle, the creditor will sell it, credit the sale proceeds to the balance, and report to the bankruptcy court how much it is still owed. Just as stated above, that unsecured amount will be added to the rest of your unsecured debt, and paid whatever percentage the rest are being paid. But in most cases the amount being paid by the debtors towards the pool of unsecured debt does not increase. Instead that amount is just divided differently among all the unsecured creditors.
Source: mysmartblog.com
Differentiating Between Chapter 7 and Chapter 13 Bankruptcy
Here again, the main benefit of Chapter 13 over Chapter 7 is that the petitioner will be able to keep his properties that would or else be sold off to repay the unsecured creditors whom you owe money. A debtor who will file Chapter 7 can only retain the non-exempt properties by paying the trustee with the cash value of the property. You can repay your debt according to the new repayment plan that will be set by the Bankruptcy court. You can even feel satisfied about paying back a portion of your debt through this type. You can classify your creditors according to the priorities but only if this is accepted and allowed by the court. The automatic stay that will be imposed on the debtor will also be extended to the co-debtors who have even guaranteed the loan on behalf of the debtor.
Source: thestudentappeal.com
What Is the Difference Between Chapter 7 and Chapter 13 Bankrutpcy?
In Chapter 13 bankruptcy, you get to keep all of your property (including nonexempt assets). In exchange, you pay back all or a portion of your debts through a repayment plan (the amount you must pay back depends on your income, expenses, and types of debt). For this reason, Chapter 13 is commonly referred to as a reorganization bankruptcy. Typically, Chapter 13 bankruptcy is for debtors who can afford to make monthly payments to get caught up on missed mortgage or car payments or pay off nondischargeable debts such as alimony or child support arrears.
Source: labiaklaw.com
Nothing found for Bankruptcy Does
In a recent Chapter 7 bankruptcy in Texas, a creditor attempted to have a debtor’s bankruptcy discharge denied because they allegedly made a false oath. The bankruptcy code describes the parameters for which a debtor’s discharge can be denied as the following: Denial of Discharge Under §727(a)(4)(A): False Oaths. Section 727(a)(4)(A) provides that: (a) The [...]
Source: allmandlaw.com
Do Not File Chapter 13 if What You Need is Chapter 7
At first blush it appears that this lady was encouraged to file Chapter 13 when she really needed to be in Chapter 7, and that the only really beneficiary here is her lawyer. On the other hand, what options did she have if she needed bankruptcy protection to stop a wage garnishment but she did not have the money to file Chapter 7? Bankruptcy judges around the country have generally held that attorneys may not “finance” Chapter 7 fees by taking post-dated checks or post-filing installments. Should the lawyer be vilified because his client waited far too late to seek bankruptcy counsel and a low entry-fee Chapter 13 is the only practical option?
Source: bankruptcylawnetwork.com
Help! I Just Got a “Final Notice of Intent to Levy” from the IRS! :: Schoenbohm Law S.C.
10. Even if you only have tax debts that would otherwise be discharged in Chapter 7, but you need to file Chapter 13 to deal with other debts that are important to you—such as on your home and vehicle and support arrearage—these other obligations can legitimately reduce how much you pay on your tax debts. Sometimes you pay nothing on the taxes. So Chapter 13 can be the best of all worlds: protection from all your creditors including the IRS while you take care of other debts, along with paying little or nothing on your tax debts.
Source: schoenbohmlaw.com