By Jeff Field | Published August 4, 2025 | Posted in Bankruptcy, Chapter 13 | Tagged Tags: bankruptcy, chapter 13, debt | Leave a comment
Filing for Chapter 13 is the right option for many individuals facing financial distress despite the fact that they are earning a steady income. Many people are unable to climb out to debt on their own when a short-term job loss, medical issue, divorce or expensive repair sets them back. By developing a fair repayment Read More
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People facing unrelenting pressure from creditors often consider a range of options. For many, bankruptcy offers the clearest path to a fresh financial start. Another option some people consider is taking out a loan against the funds in their 401(k) retirement account. Under both Chapter 7 and Chapter 13 filings, 401(k) plans are generally protected Read More
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When you seek relief for overwhelming debt through Chapter 7 bankruptcy, it’s possible that some assets you own will be taken and sold by the trustee in order to help pay your creditors. Several types of items are fully or partially exempted from liquidation, but you might be unclear on whether you can keep certain Read More
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Establishing a repayment plan through Chapter 13 bankruptcy is the right path for many Americans who earn a steady income but have been unable to catch up on their financial obligations. In these arrangements, individuals agree to bring down their debts according to a schedule lasting three or five years. Repayment terms are designed based Read More
Read MoreThe first step in determining whether Chapter 7 bankruptcy is the best solution for your debt problems is to see if you are eligible for this type of relief. Not everyone has the legal ability to discharge their debts. First, you must see if you qualify under the means test, which is a formula that Read More
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Chapter 7 bankruptcy allows a filer to discharge their debts and move forward on a solid financial foundation. During this legal process, the appointed trustee might sell some of the filer’s assets and use the proceeds to pay part of what they owe to creditors. This is referred to as liquidation. However, certain types of Read More
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Over the last decade or so, many of us have shifted more of our budget to subscription services, where a fee is automatically deducted from our credit card or bank account, usually on a monthly basis. This trend is probably most associated with home entertainment and music providers, such as Netflix, Hulu Amazon Prime and Read More
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There are many reasons why people love to travel even when they are dealing with financial challenges. In addition to the enjoyment of seeing new places, people might want to stay in touch with family members or assist a loved one during a medical crisis. Taking a trip can be costly though, so if you’re Read More
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Despite serious debt problems, some people are reluctant to seek bankruptcy protection because they are concerned about how filing might affect other areas of their life. An individual whose government or military position requires some form of security clearance may worry that obtaining financial relief could threaten their status at work. It’s important to know Read More
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During the holiday season, it’s easy to get caught up in the gift-buying frenzy. Many people at all income levels end up spending more than they had originally planned. If you’re considering filing for bankruptcy, it’s essential to approach gift-giving thoughtfully. You might be inclined to splurge on one last round of presents before seeking Read More
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