Overview Articles: What Happens to Debt in Chapter 13 Bankruptcy
Overview Articles: What Happens to Debt in Chapter 13 Bankruptcy
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Debts That Cannot Be Discharged in Bankruptcy
The point of filing for bankruptcy is to give yourself a clean slate by getting out from under your debts. Whether you file for Chapter 7 or Chapter 13 bankruptcy, many types of debt will be discharged (wiped out) at the end of your case. This isn't true of all debts, however.
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Unsecured Debt: Priority vs. Non-Priority
Whether you file for Chapter 7 or Chapter 13 bankruptcy, it's important to determine which of your unsecured debts will be classified as priority debts and which will be assigned to the nonpriority category.
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Debts You Can Wipe Out in Chapter 13 Bankruptcy
Many debtors file for Chapter 13 bankruptcy to reorganize their debts and catch up on their missed mortgage or car loan payments through an affordable repayment plan. If you successfully complete your repayment plan, you will receive a bankruptcy discharge that wipes out your personal liability for
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Post-Petition Debts & Claims in Chapter 13 Bankruptcy
On the day you file bankruptcy you provide the bankruptcy court with a snapshot of your finances. Debts that you owe on the day your bankruptcy petition is filed are called “pre-petition” debts.
What Happens to Debt In Chapter 13 Bankruptcy
What Happens to Debt In Chapter 13 Bankruptcy
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Student Loans in Chapter 13 Bankruptcy
Although bankruptcy is not always the best answer to your student loan problems, in some situations Chapter 13 bankruptcy can help. If your loans are in default and you cannot rehabilitate your loans and get on an income based repayment plan (perhaps because of your other expenses), Chapter 13 bankruptcy
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Tax Debts in Chapter 13 Bankruptcy
In Chapter 13 bankruptcy cases, some types of tax debts may be discharged and others you’ll have to pay in full through your Chapter 13 plan.
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How Medical Bills Are Treated in Chapter 13 Bankruptcy
High medical debt is cited by many as the primary reason for filing for Chapter 13 bankruptcy. Although you must repay some of your medical debts in Chapter 13 bankruptcy, you do this through the protection of your Chapter 13 repayment plan. Most people with large medical debts who file for Chapter 13
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What Happens to Your Timeshare and Timeshare Debt in Bankruptcy?
If you own a timeshare and are considering Chapter 7 bankruptcy, you may have questions about what will happen to your timeshare (can you keep it or will you lose it?) and whether bankruptcy will get rid of any debt you owe on the timeshare. The answers to these questions largely depend on the type of
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What Happens to a Car Lease in Chapter 13 Bankruptcy?
What happens to your car lease in Chapter 13 bankruptcy depends on whether you are behind on your payments and on what the bankruptcy trustee decides to do with the lease – the trustee can assume or reject the car lease.
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The Truth About "Pay Day" Loans and Filing for Bankruptcy
For those who are struggling to pay their bills and who are falling behind on monthly payments, payday loans may seem like an appealing option. Payday loans...
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Should I File for Chapter 13 Bankruptcy If I Just Purchased an Expensive New Car?
Learn how a car payment can affect your Chapter 13 case.
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Will Bankruptcy Stop the IRS From Collecting Tax Debts?
The automatic stay will stop the IRS from collecting taxes debt that you owe once you file a Chapter 7 or Chapter 13 bankruptcy. But depending upon the nature of the tax debt you owe, the IRS may be permitted to collect from you later.
Secured vs Unsecured Debt
Secured vs Unsecured Debt
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Secured vs Unsecured Debt in Chapter 13 Bankruptcy
When you file for Chapter 13 bankruptcy, you must propose a repayment plan. Your repayment plan, which will last for three to five years, depending on your income and other factors, must meet several requirements
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If you are thinking about filing for Chapter 7 or Chapter 13 bankruptcy, it is important to examine all of your debts and figure out if they are secured or unsecured. Each type of debt is treated differently depending on which bankruptcy chapter you file under (see Determining Debt Released in Bankruptcy).
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Unsecured Debt: Priority vs. Non-Priority
Whether you file for Chapter 7 or Chapter 13 bankruptcy, it's important to determine which of your unsecured debts will be classified as priority debts and which will be assigned to the nonpriority category.