By Jeff Field | Published November 21, 2023 | Posted in Chapter 13 | Tagged Tags: automatic stay, bankruptcy trustee, repayment plan | Leave a comment
What Happens if You Default on Your Chapter 13 Plan?
A Chapter 13 bankruptcy can be an effective way to bring debt under control while preserving your most important assets. It allows you to structure a plan for repaying a portion of your debt over a three- to five-year period, with the rest being discharged afterward. However, financial difficulties encountered during the life of the Read More
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Pros and Cons of Debt Consolidation vs. Bankruptcy
If you are having trouble paying your creditors, you might consider either debt consolidation or bankruptcy. One of these remedies makes use of the court and lawyers (bankruptcy), while the other is entirely private (debt consolidation). The goal is the same, but the paths are distinct. Debt consolidation creates one new loan (or line of Read More
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What Happens at the Creditors’ Meeting After You File for Chapter 7?
A Chapter 7 bankruptcy is a powerful legal remedy that, if successful, discharges most or all of your debts. However, your creditors have the right to object. Soon after you file for Chapter 7 bankruptcy, you will be required to attend a creditors’ meeting, the purpose of which is to verify the accuracy of the Read More
Read MoreWhat Is the Trustee’s Role in a Chapter 7 Bankruptcy?
A trustee is a court-appointed officer charged with managing a Chapter 7 bankruptcy case. The trustee’s principal role is to act as the bankruptcy court’s agent, insuring compliance with the law and protection of the debtor’s and creditors’ rights. In practice, the trustee, who is also a lawyer, will take all actions and make all Read More
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