By Jeff Field | Published December 9, 2024 | Posted in Chapter 13 | Tagged Tags: bankruptcy, chapter 13, disposable income | Leave a comment
How Disposable Income is Calculated in a Chapter 13 Bankruptcy
Homeowners and others who have a steady income but have fallen behind on their financial obligations frequently file for Chapter 13 bankruptcy. This form of debt relief offers individuals the chance to stop harassment from creditors and catch up on what they owe based on a schedule lasting three or five years. Under Chapter 13, Read More
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Why Bankruptcies Are So Common Among Retired Professional Athletes
It’s no secret that numerous professional athletes earn significant salaries during their careers, with annual pay often reaching into seven, or even eight, figures. However, studies reveal that a surprising number of athletes face serious financial difficulties after retirement, with many filing for bankruptcy within just a few years of leaving the field. While we Read More
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Researchers Work to Reduce Bias in Bankruptcy Proceedings
Bankruptcy can be life-changing for people who are held back by debt that they are unable to repay without some help. Every person who legally qualifies for bankruptcy protection should be able make a fresh financial start. Unfortunately, researchers at MIT have found that bias on the part of trustees might be preventing some Black Read More
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Potential Changes to Bankruptcy Law in 2025
Though the general purpose of bankruptcy protection remains the same, lawmakers and others frequently look for ways to make the system work better for debtors and creditors. Disruptions caused by the COVID-19 pandemic and concerns about the treatment of student loan debt have set the stage for several potential changes to bankruptcy law. With Americans Read More
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How Bankruptcy Can Affect the Divorce Process
Financial difficulties often go hand-in-hand with marital problems. Going through both a bankruptcy and a divorce at the same time can be an overwhelming experience, as both legal processes involve major financial and emotional transitions. Handling them together adds complexity, but effective legal guidance can help protect your interests and keep you away from potential Read More
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Discharging a Personal Loan Through Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy can offer significant relief to individuals overwhelmed by debt. However, if you’re considering taking this step, you should first discuss your situation with an experienced bankruptcy lawyer. There are numerous different types of debts, some of which can be discharged in a Chapter 7 proceeding, and others which cannot. Before Read More
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Can You Buy a House While on a Chapter 13 Repayment Schedule?
Buying a home is a major part of the American dream for most people. Of course, it can be very difficult making that dream a reality. Securing the mortgage you need can be even tougher if you’re currently subject to repayment plan established in a Chapter 13 bankruptcy. While it’s not impossible to buy a Read More
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Debt Issues Leading More Seniors to File for Bankruptcy
In recent years, there has been a notable increase in the number of seniors filing for bankruptcy across the United States. This trend underscores the financial challenges faced by older adults and highlights the complexities of planning for retirement amidst economic uncertainties. Traditionally, many individuals in their sixties and beyond could rely on pensions that Read More
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Allegations of Self-Dealing Complicate Red Lobster Bankruptcy
After successfully emerging from a Chapter 11 bankruptcy proceeding filed in 2020, Red Lobster is once again seeking protection from creditors. Many potential causes have been cited for the financial troubles afflicting the popular chain of seafood restaurants. Numerous mid-priced competitors have experienced similar problems maintaining their customer base while “fast casual” brands, such as Read More
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Judgment Creditor Claims Willful and Malicious Conduct in Bankruptcy of Deion Sanders’ Son
Chapter 7 bankruptcy can be a powerful tool for someone who is struggling with debt. The ability to eliminate unsustainable credit-card balances or excessive medical costs can be life-changing. However, not every financial obligation can be discharged through this process. Along with student loans, taxes and past due child support, debts arising from willful and Read More
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