Individuals who are considering bankruptcy to obtain relief from overwhelming debt must generally choose between chapter 7 and chapter 13 of the Bankruptcy Code. Chapter 7, known as debt “liquidation,” wipes out all or most of your debt. Chapter 13, known as “debt…
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What Debts are not Dischargeable?
There are specific debts that are not dischargeable in a Chapter 7 bankruptcy case. Here is a list of the types of debts that are not dischargeable with some details on how the rules are applied, some common exceptions that might allow you to discharge the debts, and a comment about wether there…
Chapter 13 Bankruptcy
A chapter 13 bankruptcy is also known as a debt repayment plan. While a chapter 7 bankruptcy wipes out debt, the debtor who files a chapter 13 bankruptcy makes payments to a bankruptcy trustee over a period of three to five years. During that time, the debtor catches up on payment of the…
Can the Discharge be Revoked?
A creditor or the trustee may ask the bankruptcy courts to revoke your discharge on the ground of fraud. The complaint must be filed within one year of your discharge. The creditor or trustee must show that you obtained violated the law and to obtain your discharge. Usually, the revocation request…
Objections to a Chapter 13 Plan or Discharge?
The trustee might object to your Chapter 13 plan. If there is time before the confirmation hearing you can negotiate with the trustee and amend your plan to fix whatever problems the trustee may have. Usually the trustee’s objection falls into one of two categories. Either the trustee…
Objections to a Discharge?
Either a creditor or the trustee can file an objection to the discharge of your case. An objection that applies to your entire case is usually based on a charge that the debtor committed some type of fraud. The following are all considered bankruptcy fraud. Transferring property to another person…
Why do people file a Chapter 13 bankruptcy?
Many people find themselves overwhelmed by debt. Unexpected medical expenses, rapidly rising credit card payments, a reduction in income, rent increases, car repairs, lawsuits, unaffordable balloon payments, a new baby … the list of reasons people find themselves with unmanageable debt is…
Difference between a Chapter 7 and Chapter 13 Discharge?
Some types of debts that are not dischargeable in Chapter 7 case may be dischargeable in a Chapter 13 bankruptcy filing. In addition, a Chapter 13 provides you with more options to deal with debts that are not dischargeable including paying them off during the course of your 3 to 5 year plan. This…
What Debts are Dischargeable?
The type of debts that are dismissed depend on wether you file a Chapter 7 or a Chapter 13 A wider range of debts can generally be discharged in a Chapter 7 than a Chapter 13 bankruptcy. If you have a substantial amount of debt that can only be discharged under a Chapter 13 bankruptcy than filing…
How long after filing bankruptcy will the creditors stop calling?
As soon as you file bankruptcy, an automatic stay takes effect. The automatic stay requires most of your creditors to stop all collection efforts. The stay prevents bill collectors from calling you or sending you threating letters. It requires most lawsuits to collect a debt to be put on hold….