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Chapter 13 Archives

Serial Chapter 13 bankruptcy filer denied future discharge

Many Washington residents find themselves in financial distress. They turn to the U.S. Bankruptcy Court for help, protection and a chance to start over financially. However, if they file too many Chapter 7 or Chapter 13 bankruptcies and essentially abuse the system, the court could deny them a discharge now or in the future.

Making monthly debt more affordable via Chapter 13 bankruptcy

Many people in Washington believe that filing for bankruptcy is the end of the world. While there are several ways to reduce one's monthly payments, filing for Chapter 13 may be the best way based upon a person's unique situation. A recent article describes the various ways to consolidate debt.

Things to consider when filing for Chapter 13 bankruptcy

When many people begin to investigate the different types of bankruptcy protection and debt relief, it can become quickly evident that the options are varied and complex. Depending on a person's unique situation, the best "fit" with regard to debt relief can vary. A recent article describes some ways for those in Washington to evaluate if filing for Chapter 13 bankruptcy is the right option.

Why do I need to pass a means test for Chapter 7 bankruptcy?

In an effort to cut down on potential cases of bankruptcy fraud, individuals seeking bankruptcy relief must effectively prove that they are financially incapable of repaying their debts. This is known as the means test. Unlike school exams that give Washington students either a passing or failing grade, failing the means test is not necessarily a negative outcome, as passing simply means that the filer is eligible for Chapter 7 bankruptcy.

Can co-signers file for bankruptcy if a loan goes into default?

Taking out a loan, purchasing a vehicle or borrowing money for school usually requires a certain credit score before a borrower can sign on. Banks and other financial institutions often allow people without adequate credit to still secure these types of loans by having a co-signer. Parents and even grandparents in Washington tend to step up to the plate when a family member needs an extra signature in order to get a loan, but this practice has some heading towards bankruptcy.

When is Chapter 13 bankruptcy the right choice for you?

As Washington readers know, some financial struggles develop over time, while other spring up seemingly overnight. No matter the nature of your financial difficulties, when savings have been depleted and bills amount to more than you make in a month, you may feel that you are out of viable options. Fortunately, there are legal options available to you, including the option of Chapter 13 bankruptcy.

Take control of your debt with Chapter 13

Have you ever thought "If I could just catch a break on these few different bills, I could get caught up?" This thought process might be more common than you think, and there is a legal course of action that can help that thought come to life. When the debt, monthly payments and constant phone calls interfere with a person's honest yearning to simply pay bills, Chapter 13 bankruptcy can be a viable option.

Chapter 7 bankruptcy makes most debts unenforceable

Personal bankruptcies are generally achieved through two types of filings: Chapter 7 and Chapter 13. A Chapter 7 bankruptcy is a liquidation bankruptcy, while a Chapter 13 bankruptcy is a reorganizational bankruptcy. Regardless of the type for which a Washington resident files, debts that are discharged when the bankruptcy is finalized become unenforceable for creditors. 

Supreme Court changes the game for Chapter 7 bankruptcy

Chapter 7 bankruptcy is undergoing a significant change following a ruling from the United States Supreme Court. The decision followed a case involving the prominent lender, Bank of America, and is believed to benefit lenders and those who are in debt. While news of this change might be less than pleasant, it only affects second liens of underwater properties, making Chapter 7 bankruptcy still a viable and appropriate option for Washington debtors who are unable to pay.

Is Chapter 13 the best option for bankruptcy?

There is no universal solution for debt relief for Washington residents, but, instead, there are a myriad of options from which consumers with enormous amounts of debt can choose. For many debtors who are struggling to make even the minimum payments and must choose between which bills to pay, bankruptcy is often an appropriate choice to make. However, there are two main types of consumer bankruptcies -- Chapter 7 and Chapter 13 -- and individuals generally only qualify for one of them.