What does the completion of a successful Chapter 7 “straight bankruptcy” case look like? What happens to your debts?
Finishing Your Chapter 13 Case
Finishing a Chapter 13 case successfully is a big deal. It is rewarding financially and emotionally. Here’s how it happens.
You Can Convert Your Chapter 13 Case Later into a Chapter 7 One
When deciding between Chapter 7 and 13, if you choose a Chapter 13 payment plan realize that converting later to Chapter 7 is an option.
Voluntarily Dismissing Your Chapter 13 Case
The Bankruptcy Code explicitly says that, at the request of the person in a Chapter 13 case, the bankruptcy “court shall dismiss” the case.
Trustee and U.S. Trustee Adversary Proceedings
Usually it’s not hard to avoid getting into a dispute with your trustee. But you need to know the law and follow it.
Avoid Having No Automatic Stay
If there’s a risk you would not get the immediate benefit of the automatic stay, be aware of it and be prepare to prove your “good faith.”
Avoid Losing the Automatic Stay because of a Prior Bankruptcy
Don’t jeopardize an indispensable benefit of filing bankruptcy–immediate protection from your creditors.
Louisville Bankruptcy Explained: What’s “Debtor Education”?
“Credit counseling” has to be done shortly before filing bankruptcy, “debtor education” shortly after. The latter may even be worthwhile.
Louisville Bankruptcy Explained: “Converting” from Chapter 13 to Chapter 7
The decision to file a Chapter 13 case may be an easier one if you know that you can always change it into a Chapter 7 one if needed.
I Heard it Takes Years to Get Rid of Your Debts under Chapter 13
Yes, the “discharge”–write-off–of your debts does not happen until the end of your 3-to-5-year case. Thus there are some resulting risks.
Should You File a Chapter 13 Case with Your Spouse If Your Marriage Is Shaky?
You and your spouse may need the extraordinary benefits of Chapter 13, but things get awkward if your marriage ends before the case does.
How Long Does a Chapter 13 Last?
Whether you must pay for 3 years or 5 depends mostly on your income. Exactly how long it last depends on the many moving parts of your case.
What Is a Chapter 13 Plan?
It’s a formal proposal about how much you’ll pay your creditors. It is, often after some adjustments, “confirmed” by the bankruptcy court.
If I Filed Bankruptcy Before, Can I File Again?
It’s a matter of timing. And that timing depends on whether you previously filed under Chapter 7 or 13, and what you are filing under now.
Crucial Question: Can Bankruptcy Write Off or Reduce My Support Obligations?
No. The bankruptcy court respects and doesn’t change the support decisions of your divorce court. But bankruptcy can still help.