By Jeff Field | Published November 21, 2023 | Posted in Chapter 13 | Tagged Tags: automatic stay, bankruptcy trustee, repayment plan | Leave a comment
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
Read MoreThe day you file a Chapter 7 or Chapter 13 case with the bankruptcy court, an automatic stay is imposed that requires your creditors to cease their collection practices. The stay prohibits phone calls, letters, lawsuits, wage garnishments and executions on property, such as mortgage foreclosures. The court can impose penalties such as attorneys’ fees, Read More
Read MoreIf you fall behind in paying debts, you may be subject to a wage garnishment. A creditor might obtain a court order requiring your employer to impound a portion of your wages or salary each pay period and to send it to the creditor. Garnishments can be devastating as they can leave you with insufficient Read More
Read MoreIn many areas of the country, people need a car to commute to their jobs, get groceries and attend to other life activities. In such circumstances, the prospect of having a vehicle repossessed may be a disaster second only to losing a home to foreclosure. Fortunately, a Chapter 13 bankruptcy offers a variety of potential Read More
Read MoreAs a result of stay-at-home orders, job losses and business closures, the coronavirus pandemic has caused many families to suffer significant economic hardship. While filing for bankruptcy may be an option, there are also a number of financial strategies you should consider that can help you tackle your debt and protect your finances during these Read More
Read MoreMillions of Americans have been left unemployed as companies close their doors or reduce operations due to the coronavirus pandemic. While protecting public health and saving lives remain the utmost priorities, this is cold comfort for people struggling to meet their living expenses without an income. However, there are legal remedies that you can turn Read More
Read MoreAfter a creditor has obtained a judgment, the creditor may seek an order allowing garnishment of the debtor’s wages. If approved, this remedy generally allows a creditor to take up to 25 percent of the debtor’s disposable weekly earnings, which consist of gross pay after taxes, social security, state unemployment insurance, and employee retirement contributions. Read More
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