February 23, 2013 (Press-News.org) Chapter 13 bankruptcy is one viable method of financial recovery for those who are struggling to make ends meet. The purpose of Chapter 13 bankruptcy is to allow debtors to restructure debts and repay them over an extended period of time. The process is conducted through a repayment plan. How much one pays depends on income, the amount and types of debts owed, and one's monthly expenses.
Within the processes, child support claims, alimony, back taxes and a few other legal debts are given first priority. Then, mortgages, secured debts and car loans are addressed. Unsecured debts are considered last. Repayment plans last either three or five years, depending on one's income and family size. Once debts have been satisfied according to the terms of the repayment plan, the bankruptcy case can proceed for discharge.
Benefits of Chapter 13 bankruptcy
Legal fees are manageable: A benefit of the process is that lawyers are usually paid on an installment basis through the plan. This makes it easier for filers to manage fees.
Filers may keep their homes: One major advantage of Chapter 13 is that it offers filers an opportunity to save their homes. Specifically, the foreclosure process can be stopped and filers may address delinquent mortgage payments within the payment plan. In this period, filers must still make all mortgage payments that come due.
Filers can reschedule secured debts: Another advantage of Chapter 13 is that it allows individuals to reschedule most secured debts, extending payments over the life of the Chapter 13 plan. Doing this may lower installment amounts, making payments easier to complete.
Filers do not have to deal with creditors: Under Chapter 13, filers make payments to a Chapter 13 trustee who subsequently distributes payments to creditors. This means that individuals do not have direct contact with creditors under the process.
These are just a few of the advantages that come with the process.
Who can file for Chapter 13 bankruptcy?
According to bankruptcy laws in the United States, any individual is eligible for Chapter 13 relief as long as the individual's unsecured debts are less than $360,475 and secured debts are fewer than $1,081,400. It is important to note that these amounts are adjusted to reflect changes in the consumer price index.
There are a few other conditions of eligibility that a well-experienced Chapter 13 attorney can explain to the potential client.
Ultimately, initiating the Chapter 13 process can be complex. It is best to have the legal support of a qualified bankruptcy attorney by your side. A lawyer can help you assess your financial status and develop a recovery plan that works for you.
Article provided by Kenneth C. Rannick, PC
Visit us at www.bankruptcychattanooga.com/
Chapter 13 Bankruptcy: A path to financial recovery
There are several benefits associated with a Chapter 13 financial recovery plan. One may benefit from discussing his or her financial status with a qualified bankruptcy attorney.
2013-02-23
ELSE PRESS RELEASES FROM THIS DATE:
North Carolina war veteran fights years-long battle for medical benefits
2013-02-23
The Korean War battle that destroyed a North Carolina man's legs lasted a few days. His battle to obtain benefits through the Department of Veteran Affairs continues on, year after year, as he sits, wheelchair bound and in pain. He wonders if he will die before he sees a dime of compensation to which he is entitled.
The 81-year-old man's story is common among veterans; they serve their country at the cost of their lives and their limbs, and they and their families spend years trying to collect disability benefits rightfully due for their injuries and losses.
The retired ...
Louisiana foreclosure: Chapter 13 bankruptcy may save your home
2013-02-23
Like the rest of the nation, many homeowners in Louisiana are struggling with the real possibility of home foreclosure. In addition to all of the economic challenges we face as a nation, many Louisiana homeowners still feel the financial impact of having to recover from any one of several severe hurricanes that struck the state in the last decade.
Louisiana numbers
In December 2012, the state had a "medium" foreclosure rate as compared to those of other states, according to RealtyTrac. However, with one of every 1,262 homes in foreclosure, Louisiana's rate ...
When Can the DMV Suspend or Revoke Your Driver's License in New York?
2013-02-23
Most people who lose their driver's license equate it with losing their freedom. They must ask other people for rides to work, school and even the grocery store. They feel stuck in their homes or married to bus and train schedules.
Driver's license suspension and revocation can have a long-term impact on your livelihood. That is why it is important to understand when your license can be suspended and fight any charges that could lead to a suspended driver's license, from speeding to vehicular homicide.
Suspension vs. Revocation
While often used interchangeably, ...
Injured in an accident? Avoid these common insurance coverage myths
2013-02-23
About 150,000 car crashes occur each year in the state of Louisiana and residents of East Baton Rouge Parish have seen their fair share of accidents over the years. Although the numbers of accidents in the parish are on the decline, official statistics report that there were around 15,000 property damage accidents and nearly 5,000 injury crashes in 2011. Those crashes accounted for 50 fatalities and over 7,500 injuries.
Many people rely on their insurance companies to pay for losses incurred from car accidents and other insurable losses. Insurance carriers spend millions ...
Cleveland area troopers seek to lower accident fatalities
2013-02-23
The Ohio State Highway Patrol recently set up a permanent full-time post in Cleveland to combat the increasing number of fatal crashes in the area. Twelve troopers will target aggressive drivers and work on speed enforcement.
Speed is a growing concern of the Highway Patrol and may be to blame for some local Freeway pile-ups. When motorists do not slow down enough during inclement wintery weather, crashes increase. A Cuyahoga County truck accident can easily occur when conditions deteriorate. Drivers who may be more comfortable driving at the speed limit may not see ...
NFL lawsuit brings issue of traumatic brain injury front and center
2013-02-23
Football players in the National Football League (NFL) are generally thought of as tough, determined to win at all costs, larger than life and even super-human. Nonetheless, they get hurt at an alarming rate. Many injuries befalling NFL players are relatively minor ones like broken bones, sprains, muscle strains, joint dislocations and bruising, all things that are painful but will likely heal over time. Other injuries, however, are much more serious and harder to heal because they involve trauma to the brain.
What is traumatic brain injury?
The human brain is a very ...
Understanding search and seizure when pulled over for suspected DUI
2013-02-23
When police suspect that a crime has been committed, they commonly conduct a search and seizure by searching a person's property and confiscating any evidence that's correlated to the alleged crime. However, there are certain restrictions around search and seizures, particularly when it involves a DUI stop and vehicle search.
Under the 4th amendment to the United States Constitution the "right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated..." Therefore officers of ...
Crime and punishment: The Texas Public Sex Offender Registry
2013-02-23
In a real way, you could pay for the rest of your life for a sex crime in Texas because you may be required to register with authorities for either 10 years or until your death, depending on the nature of the offense. The public information about your status as a sex offender has the real potential to ruin your life.
For example, certain types of jobs, housing options and professional licenses could become off limits to you -- to say nothing of social stigma and the hit to your reputation.
The Texas sex offender public notification system began in 1991. Both adult ...
Busy people + cold temps + ice = a recipe for traumatic brain injuries
2013-02-23
Winter is in full swing in Washington. The state's lush green forests and bustling commuter areas are alight with the twinkle of ice and snow. Ice is lovely to look at, but a nightmare to walk on; that is why in some areas the numbers of traumatic brain injuries spike in the winter months. There are ways to lessen your chances of being hurt, though, if you know what steps to take to protect yourself.
Raising awareness of injury triggers
So, how do wintertime traumatic brain injuries occur?
One obvious source of potential injuries is on ice-coated bridges, overpasses ...
Fatal Oregon bus crash brings public scrutiny to commercial drivers
2013-02-23
A tragic bus accident on December 30, 2012, has brought nationwide attention not only to the Canadian company that operated the bus and the actions of commercial drivers across the company. That accident happened when a tour bus owned and operated by Mi Joo Tour & Travel hit an icy patch of Interstate 84 outside of Pendleton, Oregon, slid through a guardrail and rolled down an embankment. Nine people lost their lives in the crash, and nearly 40 more were injured.
The Federal Motor Carrier Safety Administration (FMCSA) - a division of the United States Department ...
LAST 30 PRESS RELEASES:
New stem cell treatment may offer hope for Parkinson’s disease
Researchers find new way to slow memory loss in Alzheimer’s
Insilico Medicine nominates ISM5059, the peripheral-restricted NLRP3 inhibitor as preclinical candidate
Low-temperature-activated deployment of smart 4D-printed vascular stents
Clinical relevance of brain functional connectome uniqueness in major depressive disorder
For dementia patients, easy access to experts may help the most
YouTubers love wildlife, but commenters aren't calling for conservation action
New study: Immune cells linked to Epstein-Barr virus may play a role in MS
AI tool predicts brain age, cancer survival, and other disease signals from unlabeled brain MRIs
Peak mental sharpness could be like getting in an extra 40 minutes of work per day, study finds
No association between COVID-vaccine and decrease in childbirth
AI enabled stethoscope demonstrated to be twice as efficient at detecting valvular heart disease in the clinic
Development by Graz University of Technology to reduce disruptions in the railway network
Large study shows scaling startups risk increasing gender gaps
Scientists find a black hole spewing more energy than the Death Star
A rapid evolutionary process provides Sudanese Copts with resistance to malaria
Humidity-resistant hydrogen sensor can improve safety in large-scale clean energy
Breathing in the past: How museums can use biomolecular archaeology to bring ancient scents to life
Dementia research must include voices of those with lived experience
Natto your average food
Family dinners may reduce substance-use risk for many adolescents
Kumamoto University Professor Kazuya Yamagata receives 2025 Erwin von Bälz Prize (Second Prize)
Sustainable electrosynthesis of ethylamine at an industrial scale
A mint idea becomes a game changer for medical devices
Innovation at a crossroads: Virginia Tech scientist calls for balance between research integrity and commercialization
Tropical peatlands are a major source of greenhouse gas emissions
From cytoplasm to nucleus: A new workflow to improve gene therapy odds
Three Illinois Tech engineering professors named IEEE fellows
Five mutational “fingerprints” could help predict how visible tumours are to the immune system
Rates of autism in girls and boys may be more equal than previously thought
[Press-News.org] Chapter 13 Bankruptcy: A path to financial recoveryThere are several benefits associated with a Chapter 13 financial recovery plan. One may benefit from discussing his or her financial status with a qualified bankruptcy attorney.