Chapter 13 Bankruptcy

In a previous blog on this site, the topic of how to qualify for a Chapter 13 bankruptcy is discussed. This article identifies what specific information would need to be provided to the court to determine if you qualify. Bankruptcy courts provide a form which asks for the following information so the necessary calculations for…

Under Chapter 13, bankruptcy law requires the repayment of some debts in full and others in part. Debts that must be paid in full include:   Priority debts:   1. Unsecured debts, such as child support, alimony or support payments, and non-dischargeable taxes.   2. Secured debts that survive the repayment plan: Secured debts, such…

Chapter 13 bankruptcy cases are intended for individuals not businesses. But such individuals must qualify based on the size of their income as well as some other factors. In order to qualify for Chapter 13, you will have to show the bankruptcy court that you will have sufficient  income, after deducting certain allowed expenses and…

Chapter 13 bankruptcies provide an attractive alternative for wage earners and home owners who are seeking relief from temporary financial difficulties. Not everyone can or should file a Chapter 13 case. There are certain requirements relating to income which must be met, i.e., the Debtor must have regular income.  Chapter 7 bankruptcy may be a…

Once you’ve decided that filing for bankruptcy is the right solution for your financial dilemma, it’s time to choose which type of bankruptcy is appropriate. For most individuals or small business owners, the most obvious choices are Chapter 7 or Chapter 13 bankruptcy. The choice between these two chapters will ultimately depend on your own…

It has just been announced that the company, Digital Domain Media Group (“Digital Domain”), won approval as a bankruptcy debtor for post-petition financing in its Chapter 11 corporate reorganization. As is the case for many companies undergoing reorganization via the Chapter 11 bankruptcy process, Digital Domain does not merely want to utilize the bankruptcy process…

Individuals considering whether to file a Chapter 13 bankruptcy case must not have too much debt or they will not be eligible to file for bankruptcy protection under that chapter. The rationale underlying this ceiling stems from the concern that a debtor with too much outstanding debt would never be able to pay back a…

One of the big advantages that Chapter 13 bankruptcy filings have compared to Chapter 7 bankruptcies is that a Chapter 13 bankruptcy action affords the debtor the opportunity to save their home when the debtor is behind in their mortgage payments or is facing foreclosure. While any bankruptcy filing stops or automatically stays any action…

Before commencing any discussion of the relative merits of Chapter 7 bankruptcy versus Chapter 13 bankruptcy, it is necessary to underscore how important it is to discuss whether one should file bankruptcy to address financial issues with an experienced bankruptcy attorney and to listen to his or her advice on the best filing option for…