Chapter 13 Bankruptcy: How It Works, Who Qualifies, and What to Expect What Is Chapter 13 Bankruptcy? Chapter 13 is a reorganization bankruptcy for individuals. Instead of wiping out your debts immediately, it creates a structured repayment plan that uses your disposable income over three to five years to pay some or all of whatContinue reading “How Does Chapter 13 Work?”
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How Do I Pass the Chapter 7 Means Test?
The Bankruptcy Means Test: A Plain-English Guide What Is the Means Test? The means test is a financial eligibility screen added to the Bankruptcy Code in 2005. Its purpose: make sure people who can afford to repay at least some of their debts don’t get a free pass in Chapter 7. Here’s the bottom line:Continue reading “How Do I Pass the Chapter 7 Means Test?”
Best Reasons to File Bankruptcy
Bankruptcy gets a bad rap in the press. Always has. Always will. But there are some good reasons to file bankruptcy. Critics would have you believe that people who file bankruptcy intentionally max out their credit cards on luxury items, then file bankruptcy so they don’t have to pay anything back. While that undoubtedly occursContinue reading “Best Reasons to File Bankruptcy”