The Law Offices of Lutzky & Labayen, LLP, Is a debt relief agency as that term is defined under the federal bankruptcy laws. We provide help and assistance to individuals seeking relief under chapter 7 and chapter 13 of the bankruptcy code.
Source: bankruptcynyc.com
Video: Chapter 13 Bankruptcy: What to Expect
Niches: Purchasing Property From Estate Filing Bankruptcy
This is an alternative if their financial situation has improved so that you have found a way to continue making payments. Filing bankruptcy prior to a foreclosure auction will stop or at least put off the public sale of real estate. Unfortunately for most people, it only postpones the sale for a couple of months. Immediately after filing a Chapter 13 Bankruptcy, they will have to file a repayment plan with the courts. This plan has to show that they have sufficient monthly income to pay basic living expenses such as food and utilities and other monthly payments such as credit cards, car payments etc. In addition, their income must be sufficient to resume making your monthly mortgage payments. All past due amounts are usually spread out between 24 and 60 months. For example, if they owe $9,000 in missed payments, attorneys fees, etc. if spread out over 48 months would be an additional $187.50 due each month to the court appointed trustee.
Source: tameraaragon.com
Tax responsibility when my spouse filed Chapter 13 bankruptcy
If you did not also file bankruptcy, the answer to your question is no. Taxes that you jointly owe may be collected from either one of you and his bankruptcy only protects him from collection action while the bankruptcy automatic stay is in effect; it does not protect you.
Source: findlaw.com
Chapter 13 Bankruptcy Time Bomb: Mortgage Modifications Revisited
So the foreclosure is stopped and your plan of payment has been confirmed by the Bankruptcy Court. But those payments are huge because they are designed to reinstate your mortgage by making up all your back payments and foreclosure costs as well as your current payments in the limited time of three to five years. You are struggling, but you will do anything to save your home. And then one day after about a year or so, the clouds break, the rainbows appear, and miraculously a mortgage modification arrives in the mail where the lender agrees to lower your payment and reinstate the mortgage as current if you just make your new payments on time. No back payments to be made up. Hallelujah!!! Salvation has arrived!
Source: bankruptcylawnetwork.com
Qualifying for Chapter 13 Bankruptcy
If you are having trouble making mortgage payments or are undergoing foreclosure, filing for Chapter 13 bankruptcy could help you keep your home. Each financial situation is different and a bankruptcy attorney can truly assess which bankruptcy option might be right for you. Illinois residents in need of legal counsel should call the bankruptcy attorneys with Dixon & Johnston, P.C. at (618) 207-3770. Our team can help make the bankruptcy process work for you.
Source: dixonandjohnstonpc.com
Chapter 13 Bankruptcy Keep Your Property & Repay Debts Over Time
After a 341 hearing, a debtor or the legal representative needs to attend a hearing open to the public on the repayment plan. At the hearing, a judge will discuss a person’s repayment plan with the trustee, and ask the debtor or the attorney any questions to make sure the person is able to make the monthly payments under the plan. The creditors may object to the plan. Once a plan is approved, a debtor begins making payments pursuant to the plan. Part of the payments goes towards paying the trustee’s fees. When the repayments are complete, any remaining unpaid debts will be discharged in full.
Source: sbkass.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
Expert Advice About Declaring A Personal Bankruptcy
Before filing for bankruptcy, determine whether Chapter 13 or Chapter 7 is appropriate for your financial situation. Chapter 7 bankruptcy is intended to wipe out all outstanding debts. You will no longer be liable for any money that you owe to your creditors. Chapter 13 is different, though. This type of bankruptcy entails an agreement to pay off your debts for five years prior to wiping the slate clean. When choosing the type of personal bankruptcy that is correct for you, it is very important that you know the differences.
Source: sibensiben.com