Category Archives: Chapter 13 Bankruptcy

Do you need to reorganize your debt and get your debt under control? Attorney provides information about Chapter 13 bankruptcy.

What to Do When Bankruptcy Does Not Discharge Student Loan Debt

Last week, we discussed how it might be possible for your student loans to be at least partially discharged if you can prove “undue hardship.” This week, we will cover what you can do if your loans were not discharged in court. More specifically, we will focus on Chapter 13 bankruptcy. While Chapter 7 allows some options of relief from debt payments, Chapter 13 can really make payments easier for the debtor through a well-constructed bankruptcy repayment plan. How Chapter 13 Bankruptcy Can Help with Student Loan Debt In Chapter 13 bankruptcy, student loans, credit cards and medical bills are all classified as non-priority unsecured debts. These debts do not have to be paid in full while you are undergoing your bankruptcy repayment plan, which can sometimes last for up to five years. One benefit of bankruptcy is the automatic stay, which also exists in Chapter 7 bankruptcy. When this…
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Can I Get a Low Interest Credit Card Following Bankruptcy?

Are you drowning in debt and thinking about filing for bankruptcy, but worried about the consequences to your credit? Do you have a low interest credit card or are you concerned that you may not be able to obtain a low interest card following a bankruptcy? If you have concerns, they may be founded. However, often the benefits of a personal bankruptcy outweigh the negative effects on your credit. Low interest credit cards and credit lines are appealing to people, because they end up saving money on large debt. Additionally, they often allow people to transfer credit lines for reduced costs. Nevertheless, you should know that if you file for Chapter 7 or Chapter 13 bankruptcy, you would likely not qualify for low interest credit lines for at least seven to 10 years, until the bankruptcy is removed from your credit report. In the meantime, there are things you can…
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Is a Chapter 13 Repayment Plan Right for Me?

Did you know that you could enter into a repayment plan when you file for Chapter 13 bankruptcy? These plans can last for three to five years, allowing you to make payments on debts in a reasonable fashion. Issues with debt can happen to anyone. At some point, many people struggle with home loan payments, car payments, student loans, medical bills and credit card debt. Additionally, you can fall into debt through paying legal bills and fees. For example, New York Jets quarterback Michael Vick, who spent time in prison for his connection to a dog-fighting ring and was banned from the NFL for a period, has paid back most of the $18 million he owned to creditors when he filed for bankruptcy. Vick, who has earned an estimated $49 million since returning to the NFL, has begun to turn his life around. He is living off $300,000 per year…
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