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…
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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…
States Where Federal Exemptions Are Allowed
…Debtors in the following states may select Federal Bankruptcy Exemptions instead of state exemptions: Arkansas Connecticut Hawaii Massachusetts Michigan Minnesota New Jersey New Mexico Pennsylvania Rhode Island South Carolina Texas Vermont Washington Wisconsin…
What debt will bankruptcy not erase?
Most of your debts can be discharged in a bankruptcy. Some debts, however, are nondischargeable. In other words, they cannot be wiped out in a chapter 7 bankruptcy proceeding or at the end of a chapter 13 repayment plan. Some kinds of debt can never be discharged. Certain other kinds of debt can…
Can I be discriminated against for filing bankruptcy?
People sometimes worry that businesses, government agencies, landlords, or employers will discriminate against them if they file bankruptcy. Whether that can happen depends upon the nature of the business or entity. Government Agencies Government agencies are prohibited from discriminating against…
What does it cost to file for bankruptcy?
The total cost of a bankruptcy depends upon several factors, including the kind of bankruptcy you file. You generally need to pay filing fees, attorney fees, and credit counseling fees. Filing Fees The Bankruptcy Court charges a filing fee that is set by Congress. The most recent revision of the…
Can I keep my home and/or car after filing bankruptcy?
After a petition for bankruptcy is filed in the Bankruptcy Court, a trustee is appointed to oversee the case. In a chapter 7 liquidation, the trustee takes charge of the “bankruptcy estate.” The bankruptcy estate generally consists of all the property you own at the time you file…
What is the effect of bankruptcy on cosigners?
When borrowers with limited income or poor credit have difficulty obtaining a loan, the lender will sometimes agree to make the loan if the loan is cosigned or guaranteed by another person. A person who cosigns a loan is equally responsible for making payments when they are due. In other words, if…
Credit Card Debt Calculator
Use the calculator to see how much interest you pay on your credit card balances and how long it will take to pay off your credit cards with different monthly payments. Tell us about your debt. Total Credit Card Debt: Interest Rate (Annual Percentage): Current Monthly Payment: Months It Will Take…
Federal Supplemental Bankruptcy Exemptions
If you live in a state where you may substitute the federal exemptions, and you do in fact use the federal exemption set instead of your state exemptions, then you cannot use these supplemental federal exemptions. ASSET EXEMPTION DESCRIPTION LAW SECTION(United States Code) Retirement Benefits CIA…