Chapter 13 is very different from Chapter 7 “straight bankruptcy.” It buys you time to deal effectively with your special debts.
In our example about the adversary proceeding about whether a debt gets discharged, here are the creditor’s and debtor’s closing arguments.
If a creditor objects to you writing off –discharging–a debt in a Chapter 7 bankruptcy on grounds of fraud, here are your practical options.
Sue a creditor to confirm that a debt will be discharged, or to punish the creditor for violating the automatic stay or the discharge order.
Chapter 13 payment plans usually have you pay something to all of your creditors. But not necessarily. Certain creditors may get nothing.
Property and possessions that you have a shared interest in can be the kind you don’t think of as yours for bankruptcy purposes.
On September 6, 2016 the parent company of 136 ITT Technical Institute branches announced that it was closing. It immediately closed all of its classroom and online instructions across the country. It canceled the academic quarter that was to start on the following Monday, September 12, leaving about 45,000 students scrambling. ITT Tech had two locations in Louisville. One’s … Read More
In most straightforward Chapter 7 cases all debts not secured by any collateral are discharged–forever written off. You pay nothing on them.
Bankruptcy can’t write off certain kinds of debts. Chapter 13 enables you to prevent liens hitting your home from those debts.
Writing off a student loan in bankruptcy requires showing “undue hardship.” What is that?
Bankruptcy can’t discharge–permanently write off–criminal debts, but it can still help in indirect but potentially game-changing ways.
Through bankruptcy, you may be able to and want to pay a co-signed debt. If not, you need protection from that debt and from your co-signer.
Bankruptcy can’t get rid of most creditor liens on what you own. But judgment liens that can be “avoided” on your home are an exception. Our last blog post was about judgment liens, why they are so dangerous, and how both Chapter 7 and 13 types of bankruptcy can deal with them. Today’s blog post explains what determines whether a … Read More
Even bankruptcy cannot help if you drink and drive, cause an accident, and hurt somebody, damage property, or are fined.
If you can, don’t do cash advances during the holidays if you’re contemplating filing bankruptcy. If you do, understand the rules about them.