Category: Chapter 13 Archive
Can Bankruptcy Wipe Out All Your Debts?
Dealing with an overwhelming amount of debt can feel like a never-ending maze. At Westgate Law, we often encounter clients submerged in various types of debts and wondering if bankruptcy could be a lifeline. Robert, one of our readers, shares his concern with us: “I have debt in the form ...
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What Happens When You Fall Behind on Mortgage and Property Taxes in Chapter 13?
Recently, Mike, a visitor on our website, sent us a query that might resonate with many facing challenges during Chapter 13 bankruptcy. Mike and his family are three years into their Chapter 13 plan. They’ve encountered difficulties with mortgage and property taxes. Mike writes, “We are not sure what to ...
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Should You Opt for a 3-Year Payback in Bankruptcy for Quicker Recovery?
When faced with the daunting possibility of bankruptcy, understanding your choices is crucial. It’s a crossroads where financial realities meet legal obligations. Thus, making the right decisions can significantly impact your future. One of our readers sent in their queries inquiring about a similar instance. Harriet writes… “Is it better ...
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Getting Divorced in the Midst of Chapter 13 Bankruptcy
Recently, I sat down in a consultation with a woman who was concerned about the status of her Chapter 13 bankruptcy in connection with a pending divorce. She wasn’t even sure how to ask the question, but after a bit of discussion we decided that what she really wanted to ...
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What Happens When You Miss a Chapter 13 Bankruptcy Payment?
A Chapter 13 bankruptcy is often referred to as a reorganization bankruptcy. It allows people who see a regular income to create a plan to repay all or a designated part of their debt through the bankruptcy court and the assistance of a bankruptcy trustee. Under the Chapter 13 bankruptcy, ...
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Chapter 13 Bankruptcy: Can I Strip a Second Mortgage?
When filing a Chapter 13 bankruptcy, you may be able to strip a second mortgage if there is no equity in your home after the first mortgage. In this instance, the second mortgage can be treated similar to any other unsecured lien (like a credit card debt) and the debtor ...
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Lease-to-Own Property and the Chapter 13 Bankruptcy
There are all kinds of ways to get overwhelmed by debt. You might start off with a little bit of credit card debt, and then add a mortgage. A little while later you may throw in an auto loan or two. Along the way, you may be very friendly with ...
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Exiting a Chapter 13 Bankruptcy Plan Early
The Chapter 13 bankruptcy is designed for bankruptcy petitioners who have a regular income. The Chapter 13 allows a debtor to keep property and pay debts back over a predetermined period of time, usually 3-5 years. It’s often referred to as a wage earner’s plan. Petitioners work alongside the bankruptcy ...
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Can a Chapter 13 Bankruptcy Payment be Deferred?
When you declare Chapter 13 bankruptcy, the bankruptcy court determines a set pay schedule for a pre-determined amount of time. In cases where unforeseen events cause major dips and dives in the income of bankruptcy filers post-bankruptcy, they can come up against a major problem: the inability to make the ...
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Purchasing a Vehicle Before Receiving Bankruptcy Discharge
There are many bankruptcy petitioners who fear the consequences wreaking havoc on their ability to have a vehicle and stay mobile. Bankruptcy laws may leave petitioners aware that they can’t keep the vehicle they have currently (for a number of different reasons), but equally aware that they will need a ...
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