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chapter 13 bankruptcy Archives

Understanding the outcomes in a Chapter 13 proceeding

For many Kentuckians, choosing between filing bankruptcy under Chapter 7 and Chapter 13 can be difficult. This post will examine the choice from a different perspective: the outcome of a Chapter 13 proceeding. In other words, what happens to a person's assets and debts when the Chapter 13 proceeding finally comes to an end with the entry of the order confirming the repayment plan?

Financing the purchase of a car after bankruptcy

Kentuckians who are contemplating filing a petition in bankruptcy have many questions about life after bankruptcy. One of the most pressing issues is the purchase of an automobile on credit. Contrary to the expectations of many people, a personal bankruptcy does not automatically foreclose the possibility of borrowing money to buy a car.

Stopping wage garnishments in Chapter 13 bankruptcy

One of the most potent debt collection tools available to creditors in Kentucky and other states is a wage garnishment. A properly executed garnishment allows a creditor to collect a portion of the debtor's wages directly from the debtor's employer. The provisions of Chapter 13 of the United States Bankruptcy Act provide a significant protection against garnishments after a petition for personal bankruptcy is filed.

What is a wage earner plan in bankruptcy?

Most Kentuckians understand that a bankruptcy proceeding can protect a person from the claims of creditors. A Chapter 13 bankruptcy proceeding can provide a breathing space for reorganizing debts and allowing them to be paid over time. The exact mechanics for achieving this end are not so well known.

What happens to a mortgage loan in a bankruptcy proceeding?

For most Kentuckians who are thinking about bankruptcy, their most important asset is their home. Unfortunately, the mortgage loan that made possible the purchase of the home may also be a major source of the financial duress that makes a person consider bankruptcy. What happens to the loan and the obligation to repay if a person files a petition for personal bankruptcy?

What is the automatic bankruptcy stay and how does it work?

People in Kentucky who are contemplating filing for personal bankruptcy are aware that a bankruptcy filing can "protect" them from their creditors, but the exact mechanics of this protection are not well understood. In this post, we will provide an overview of one of the most important provisions of the federal Bankruptcy Act, the so-called "automatic stay," and its application to personal bankruptcy.

Understanding bankruptcy exemptions

Many people in Kentucky who are considering filing for bankruptcy wonder what will happen to personal assets such as furniture, automobiles and, most importantly, their residence. Fortunately, the laws of both Kentucky and the United States protect certain assets from the claims of creditors in a personal bankruptcy proceeding. Determining which exemptions may be available can be complex if a person has many assets in different forms, such as real estate, securities, stock in small businesses or collections of art and jewelry. No blog post can present all options, but this post will provide a summary of state and federal exemptions.

Obtaining a car loan after filing for Chapter 13 bankruptcy

Driving is a ubiquitous activity and something most Kentucky residents take for granted. However, should a person file for Chapter 13 bankruptcy, and then need to purchase a vehicle during the repayment period, they may wonder if they even qualify for financing to do so.

What happens after one files for Chapter 13 bankruptcy?

For some people in Louisville who earn an adequate income, but still find that they have more debts than what they can pay back, filing for Chapter 13 bankruptcy is an option they may want to consider. They may wonder though, what happens after they initially file for Chapter 13 bankruptcy.

Chapter 13 repayment plan may be the right choice for some

Those in Louisville who are facing insurmountable debt are under a great deal of stress. Their income may simply not be enough to cover both their daily expenses and their debts. Whether it is credit card debt, medical debt or past due mortgage payments, those who have been unable to pay their debts may not know what to do or where to turn.

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