The duration of a Chapter 13 bankruptcy case depends on the debtor’s income and how much debt is being included in the plan. Debtors who have below median income based upon their household size and where they live can file plans that allow them to receive a discharge after 36 months. Debtors with above median […]
In Chapter 13 bankruptcy, debtors are not allowed to incur new debt without the court’s permission. The loan modification process usually begins with the debtor applying for a modification with their mortgage lender. The lender will usually require them to go through a trial period, showing that they can make mortgage payments on time and […]
If you are making payments on a car loan, and are struggling with your bills, you may want to consider filing Chapter 13 bankruptcy. This form of bankruptcy affects car loans in many different ways. If you want to surrender your car to the creditor and walk away from the debt, bankruptcy may allow you […]
The Bankruptcy Code states that the first payment under a Chapter 13 plan must be paid to the trustee within thirty days after the date the case is filed. The trustee is responsible for the collection of these payments and in many districts they take this duty very seriously. Chapter 13 plan payments that have […]
A mortgage is a loan that is protected from default through attachment to real property such as your home. The thing that attaches the mortgage loan to your house is called a lien. The home is security for the mortgage loan and as a result the loan is a secured debt. But not all mortgages […]