Chapter 13 Bankruptcy – A Way to Stop the Foreclosure Process Bankruptcy, particularly, Chapter 13 Bankruptcy (reorganization), is a court process that places you under the security of the bankruptcy court so you can reorganize and repay your debts. When you make the filing, an automatic stay is issued which prevents your creditors from collecting on your outstanding balances without the court’s approval. Therefore, using this measure to get out of underneath the burden of [...]
Continue reading How to Repay Secured Loans via Chapter 13 Bankruptcy »
Ask yourself why you Want to File If you believe filing bankruptcy is a measure that will relieve you of some or most of your debt, but got there by irresponsible spending, then you should seek a different kind of remedy, or obtain credit counseling help. However, if bankruptcy has resulted from loss of employment, a disability, divorce, or excessive medical bills, then filing Chapter 13 Bankruptcy (reorganization) or Chapter 7 Bankruptcy (liquidation) may be [...]
Continue reading Secured Loans: How to File Chapter 13 Bankruptcy »
Chapter 13 Bankruptcy Reorganization In most cases, if you own a car or home, and choose bankruptcy, then you normally will file Chapter 13 bankruptcy reorganization. This type of filing, which applies to most debtors, involves quite a bit of paperwork as you have to provide a plan for repayment to the bankruptcy court as well as include a detailed budget. What’s more, this plan and budget can be challenged by the court if the [...]
Continue reading Secured Loan Collections: Opting for Bankruptcy »
