The Benefits of a Chapter 7 Case While a repayment plan in a Chapter 13 case may be a great option for some individuals, a Chapter 7 may work best for others. A Chapter 7 case is a relatively quick type of bankruptcy as most cases are completed within approximately 6 months from the date […]
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The Benefits of a Chapter 13 Case For individuals, a Chapter 13 case is often the best option when it comes to saving a home from foreclosure or stopping vehicle repossession. A Chapter 13 case involves a repayment plan you prepare, which must be approved by the U.S. Bankruptcy Court, and typically lasts three to
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Bankruptcy Terms Many terms and phrases are used in reference to bankruptcy that are not typically used elsewhere or have special meanings specifically related to bankruptcy. Here is a list of common words and phrases you may see or hear in a bankruptcy case. Assets – An asset is your property, or things you own,
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Discharge Once you have completed your plan payments or are at the conclusion of your bankruptcy case, it’s time for the discharge order to be entered. Before you can receive the discharge, most individuals must complete the Personal Financial Management Course (also known as Debtor Education). The course is required to be completed prior to
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Making Plan Payments May 3, 2021 It is time to begin making plan payments in your bankruptcy case. Here’s what to know: Chapter 7 – Plan payments do not apply as you do not file a payment plan with the Court and the case usually is completed within approximately six months. However, you may continue
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My Case is Filed – What Happens Next? April 30, 2021 Your case has been filed (see Parts 1 and 2), and now it is time to appear in Court. Virtually every debtor will need to attend a meeting of creditors. Other hearings that may be held in your case will depend on which chapter
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Filing a Bankruptcy Case April 28, 2021 Once you have completed your credit counseling and have the documents and information requested by your attorney (see Part 1), you are ready to get your case filed. File Your Case Meet with your attorney to prepare the various schedules and statements required by the Bankruptcy Court. These
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Steps needed prior to filing a bankruptcy case April 25, 2021 Today’s post is the first of a new series entitled Bankruptcy Basics in which I will go through various topics to give you an overview of the bankruptcy process. In the first few parts of this series, my goal is to give you a
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