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Repossession is a legal process where a lender or seller takes back property that was purchased through a loan or financing agreement when the borrower fails to meet the terms of that agreement. Typically, repossession applies to items such as cars, appliances or other large-ticket items…
During your application process for a wage earner’s plan, there is a court proceeding in which a bankruptcy judge will decide if you qualify for Chapter 13 bankruptcy. At this confirmation hearing, the judge presiding over your case will review your proposal to repay your creditors.…
There are multiple reasons why someone might pursue a Chapter 13 bankruptcy instead of a Chapter 7 filing. Their income may be too high to qualify for Chapter 7 proceedings. They may have enough personal assets that they worry about the possible liquidation of some of…
Chapter 7 bankruptcy often seems like the best choice for individuals who have a lot of personal debt. It is faster and does not require that someone make payments for years before a filer’s case can be favorably resolved. Chapter 13 bankruptcy takes longer for someone…
Your mortgage is arguably the most important monthly bill that you pay. Contributions each month help reduce the total balance owed and increase your overall equity in the property. After multiple decades of payments, you will own the property outright. Your home may be the biggest…
In Chapter 13 bankruptcy, a person works out a repayment plan with the court. The plan, which typically runs three to five years, has to be approved by a bankruptcy judge at a confirmation hearing. A debtor has the chance to modify their repayment plan prior…
Filing Chapter 13 bankruptcy provides relief from your debt and can help you get back on secure financial footing. When you file for this type of bankruptcy, it’s important to realize that not all debts are created equally. In some cases, there are debts that don’t…
Student loans can amount to tens or even hundreds of thousands of dollars in personal debt, which you may have started accruing when you were barely 18. Investing that much money in higher education does not guarantee that a student will later find appropriately gainful income,…
When you finance your vehicle, missing a couple of payments could mean that you no longer have reliable transportation. Once you default on your financing, the lender can repossess the vehicle, as it serves as collateral for your loan. If you believe you are at risk…
A Chapter 13 bankruptcy filing or wage earner’s plan offers numerous benefits when compared with a Chapter 7 filing. It protects your assets, comes off of your credit report earlier and may result in fewer ethical qualms because you make a concerted effort to repay your…
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