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chapter 13 bankruptcy Archives

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.

Survey: Majority of Americans can't afford unexpected expenses

While the economy seems to have rebounded, the fact remains that many people in Louisville, and across the United States, do not have an emergency fund set up. In fact, according to a recent Bankrate survey, 57 percent of respondents would not be able to afford a $500 unexpected expense. The survey interviewed approximately 1,000 people at the beginning of this year.

An end to the foreclosure crisis may be in sight

The national foreclosure crises found many Kentucky homeowners facing a crisis. Unable to afford their monthly mortgage payments, many saw the banks take steps to foreclose on their homes. However, two recent reports indicate that the housing market is beginning to bounce back, bringing relief to many homeowners.

Chapter 13 bankruptcy is a viable option for those who qualify

When a person's mounting debt becomes too overwhelming, it can cause feelings of stress, fear and panic. People may fear losing their homes or other possessions, and they may be trying to ignore phone calls from debt collectors. They may wonder if there is anything that can be done. For some people in Louisville, filing for Chapter 13 bankruptcy is an option. However, there are certain circumstances under which a person cannot file for Chapter 13 bankruptcy.

Student loans a big factor in personal bankruptcy filings

Although the number of bankruptcy filings nationwide have fallen, the per capita rate of bankruptcy filings in Kentucky are above the national average, ranking eighth in the number of bankruptcy filings. Many times, a combination of student loan debt, stagnate wages and underemployment are at the root of a bankruptcy filing.

Homeowners in Louisville may owe housing debt even in retirement

Home ownership may be the "American dream," but for many in Louisville, it is something that leaves them deeply in debt. There used to be the notion that if a person purchased a home at age 35 and did not refinance, they will have paid for the house entirely by the time they wanted to retire. However, in today's post-housing boom and bust age, many older homeowners still have a significant amount of mortgage debt.

There are advantages to filing for Chapter 13 bankruptcy

Deciding whether to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy takes careful thought. After all, there are advantages and disadvantages to each type of filing. Debtors in Kentucky need to carefully asses their financial situation to determine what choice is the most appropriate for them. With this in mind, let's take a moment to look at the advantages of filing for Chapter 13 bankruptcy.

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