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chapter 13 bankruptcy Archives

An "automatic stay" in Chapter 13 bankruptcy

Previous posts here have discussed some of the basic differences between filing a bankruptcy under Chapter 7 of the bankruptcy code and filing under Chapter 13. To refresh, Chapter 7 filings are often referred to as "liquidations," in which the debtor's property that is not exempt under the law is sold to pay off as much of the debt as possible. Chapter 13, on the other hand, is considered a "reorganization" and the debtor must have an income with which to submit a plan to pay back some portion of the debt in a three- or five-year time span.

Be aware of "SOLs" on credit card debt in Chapter 13 bankruptcy

Kentucky residents may be aware of the concept of Statutes of Limitations, also known as "SOLs," based upon common knowledge of criminal or civil legal concepts. In short, SOLs are restrictions that legislatures place on the time a person or the state has to pursue some legal action. The idea is that after a certain period of time, witnesses or evidence may no longer be available, and also that at some point the potential parties to an action need to have certainty that the matter is closed. Some people may be surprised to learn that SOLs may apply to certain bankruptcy cases as well.

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.

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