If you file for Chapter 13 bankruptcy, the court will hold a confirmation hearing at which the court decides whether to approve your proposed repayment plan. Once confirmed, your creditors must accept your payments to satisfy their claims.
No one wants to file for Chapter 7 bankruptcy and lose their house. Learn the steps to keep your home in Chapter 7 bankruptcy, including how to value it, calculate home equity, and research homestead bankruptcy exemptions.
There is no bar to filing for bankruptcy if you are unemployed. Like all Chapter 7 bankruptcy filers, you'll have to pass the means test in order to file for Chapter 7. The lower your income, the easier it is to pass.
The wildcard exemption in Chapter 7 and 13 bankruptcy provides a way to protect more of your assets from liquidation during bankruptcy. The exemption allows you to protect property not generally covered under other exemptions.
Bankruptcy is a common tool used by both individuals and businesses. However, personal and business bankruptcies are not the same things and have different rules for the same chapters.
Your tax returns don’t need to be current when filing for bankruptcy, but you must turn over the last filed return in Chapter 7. By contrast, the Chapter 13 bankruptcy trustee must review the previous four years of tax filings. Learn more.
If you complete a Chapter 13 repayment plan, you'll receive a bankruptcy discharge eliminating your liability on the remaining balance of qualifying debts. Learn which obligations you can erase in Chapter 13.