Consumer Bankruptcy Law

When completing the paperwork necessary for bankruptcy, it is advisable to consult an attorney and ensure all documents are accurate and complete. This helps prevent problems that may cause delays...

A consumer bankruptcy will stay on your credit report for up to 10 years from the discharge date of your bankruptcy case. Filing for bankruptcy protection indicates to creditors that you were...

Credit card companies exist to make money. They make money off of interest, money off of miscellaneous fees and money off of their premium services. When a borrower fails to repay a credit card...

"Chapter 13" is the shorthand way of referring to Chapter 13 of Title 11 of the U.S. Code, which lays forth the procedures, rules and requirements for filing bankruptcy as an individual with...

Deciding to file bankruptcy is never easy, even the second time around. However, New Jersey residents experiencing additional financial hardships after completing Chapter 13 bankruptcy repayment...

Chapter 13 bankruptcy is a chapter of the U.S. Bankruptcy Code that allows an individual with regular income to keep his or her property and pay his or her debts in three to five years. It is also...

Debtors who file for bankruptcy can sometimes discharge tax debts as a result, says attorney Mark J. Markus. But doing so can be a tricky proposition because it depends partly on the types of...

A debtor may choose to withdraw from the Chapter 13 bankruptcy process in order to consolidate debt. After entering into Chapter 13 bankruptcy, a debtor may not consolidate debt unless the debtor...

Attorney representation in the bankruptcy process is unnecessary. A debtor can file his own paperwork, attend bankruptcy hearings without legal counsel and create a repayment plan. Although filing...

A Chapter 13 bankruptcy allows debtors to pay creditors through a repayment plan approved by a bankruptcy court. Chapter 13 is an alternative for debtors who are not qualified for liquidation...

After filing Chapter 13 bankruptcy, you might not be required to pay some of your tax refund to the repayment plan. There are reasons why you can keep your refund and a reason why you would need...

The income test for Chapter 7 eligibility is not based directly on annual salary. Nor is it a specific number that applies throughout the country. The circumstances that prompt bankruptcy often...

Before you agree to a repayment plan for a chapter 13, you should know how to figure the debt repayment amount in a chapter 13 so that you know which secured debts you will be paying on first and...

Bankruptcy is considered a last resort legal financial solution to burdensome debt problems and is administered by local divisions of the federal United States Bankruptcy Courts. People who are...

Chapter 13 bankruptcy is referred to as "debt adjustment" bankruptcy because it is a proceeding that allows a person who has an income to create a debt repayment plan. The big advantage of filing...

Chapter 13 is where individual debtors can renegotiate some or all of their debt and work out a way to pay it off. A means test determines whether a debtor must file for Chapter 13 instead of...

Two types of bankruptcies are available for individual debtors: Chapter 7 and Chapter 13. Chapter 7 bankruptcy allows liquidation of virtually all consumer debts, while Chapter 13 is a structured...

While all tax debt can be restructured through Chapter 13 bankruptcy, only those tax debts less than 3 years old can be included in a Chapter 7 bankruptcy. For the purposes of Chapter 13, recent...

Chapter 13 bankruptcy is a court-approved debt-repayment plan that lasts two to five years, and requires the consumer to pay with his disposable income as determined by the court. Unfortunately,...

There are several differences between Chapter 11 and Chapter 13 bankruptcies, the primary one being who can file for each type of bankruptcy. Businesses cannot file for Chapter 13 and are steered...

Chapter 13 bankruptcy is a federal court-supervised debt repayment plan for those who could not pay their bills under the creditors' original terms. Each month, the debtor is required to mail a...

Federal guidelines for filing bankruptcy have changed since new bankruptcy reform laws were passed in 2005. These regulations were enacted to discourage people from taking advantage of bankruptcy,...

Filing for any kind of bankruptcy, whether Chapter 7 or Chapter 13, is a serious decision that has impacts on both personal and financial affairs. It is important to seriously consider whether...

Current bankruptcy laws are a lot stricter than before the latest changes in 2005, due to widespread financial abuse of the legal method of wiping out or restructuring most consumer debt. It is...

Filing for Chapter 7 bankruptcy involves paying for outstanding debts by liquidating assets. The Chapter 7 filing process can be undertaken by both businesses and individuals and can relieve the...

Chapter 13 bankruptcy, often called the wage earner's plan, or reorganization bankruptcy, is different from Chapter 7 bankruptcy. By comparison, the process is more complex in a Chapter 13...

The ability to convert a Chapter 7 bankruptcy to a Chapter 13 bankruptcy is a viable option for most filers. The only time it is not an option is if the bankruptcy has previously been converted. A...