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chapter 13 bankruptcy Archives

Medical emergencies and employment changes may lead to bankruptcy

Your finances control just about every aspect of your life. You have to think about what you can afford before you make a purchase. Not only do you have to look at the total cost of the items you want to purchase, but you also need to think about whether you'll be able to make the monthly payments or not.

Repayment plans vary in Chapter 13 bankruptcies

People who file for Chapter 13 bankruptcy must take the time to think about how this is going to impact their finances. There are three primary concerns that you might have when you make this decision. First, you know that your debts will be rolled into one payment. Second, you will have to make payments to the bankruptcy trustee. Third, you will need to live without credit for a while since you can't take on new credit without the bankruptcy court's permission.

Fiancé of former governor files Chapter 13


The woman who was known as the first lady of another state at one time has filed for Chapter 13 bankruptcy protection. This action will allow her to create a repayment plan to pay back her creditors over three to five years. The exact amount of her repayment plan, as well as how long she will have to pay it, will depend to some extent, on how much money she has made of late.

Rebuilding credit after a bankruptcy


A previous post suggested that, sometimes, businesses and individuals who are offering alternatives to bankruptcy often scare Louisville, Kentucky, residents with stories about how bankruptcy will ruin their credit and leave them in a very difficult situation that, in the long term, may be worse than their present financial troubles.

Offering options to those who want to protect their car


Having a decent car is nothing short of essential for many families in the Louisville area. Some rely on their vehicles to make their living, and the vast majority of Kentucky residents at least need a car to commute to and from their jobs, to do errands and to help their kids and other family members to have an enjoyable life.

Keeping property is one advantage to Chapter 13


As previous posts here have discussed, one of the advantages to Chapter 13 bankruptcy is that a Kentucky family gets to hang on to all of their property, even after the bankruptcy. This is different from the more common Chapter 7 bankruptcy, in which a debtor may need to surrender non-exempt property to a bankruptcy trustee so that it can be used to pay off creditors. Instead, a Chapter 13 debtor agrees to a repayment plan over time.

What is "disposable income" in a Chapter 13?


Families in Kentucky who find themselves in financial trouble may elect to file a Chapter 13 bankruptcy, opting for a three-year to five-year repayment plan in lieu of turning over non-exempt property and dealing with their debts all at once. For those contemplating this type of bankruptcy, it may be helpful to have some understanding of "disposable income" and how it is figured. However, as with other legal concepts, detailed questions about one's disposable income are best raised with an experienced bankruptcy attorney.

Chapter 13 and car repossession threats

Aside from maybe a foreclosure notice or a garnishment, there are few things that disturb a Louisville resident's financial peace more than getting a notice that their car is about to get repossessed. Worse, some families may wake up one morning to discover that the vehicle they counted on is gone, legally seized by a repossession company working on behalf of a bank or financing company.

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