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Chapter 13 Archives

Debt relief solutions for people earning more than $100K

Debt does not discriminate. Whether your income is $25,000 or $125,000, you may still find yourself struggling to make ends meet. People whose income exceeds $100,000 often worry that they will not be eligible to file for bankruptcy. The good news is there are options. Understanding how bankruptcy works and what alternatives are available is the first step.

Courts deals with issue of post-petition modification of Ch. 13 repayment plan, P.2

Last time, we began looking at a recent case from the Seventh Circuit Court of Appeals in which the court ruled that the U.S. Bankruptcy Code allows a trustee is to petition the court for repayment plan modification after the plan has already been completed. As we noted, the ruling allows the bankruptcy court to find that the debtor is in default if additional payment is due, which can lead to several results.

Courts deals with issue of post-petition modification of Ch. 13 repayment plan

We've been looking in recent posts at the process of modifying a Chapter 13 repayment plan and the grounds for doing so under the U.S. Bankruptcy Code. As we noted, either creditors or debtors may petition the bankruptcy court to modify a repayment plan, but so may the trustee in the case.

Why would a debtor seek modification of a Chapter 13 repayment plan?

In our last post, we mentioned that there are various reasons why a party might want to modify a repayment plan after it has been confirmed. Here we wanted to look a bit at some of the potential reasons such a modification would be sought. Under the Bankruptcy Code, there are actually several clearly defined reasons a party would be allowed to seek a modification, whether it is the debtor, a creditor, or the trustee in the case.

Modifying a Chapter 13 repayment plan

In Chapter 13 bankruptcy, getting the repayment plan right is an important matter. The repayment plan must not only serve to pay back creditors, but it must also be feasible for the debtor. Although courts are guided by specific criteria in establishing a repayment plan, sometimes it is necessary to seek amendments and modifications of repayment plans.

Looking at the filing requirements for bankruptcy

Last time, we commented briefly on one of the most common myths regarding bankruptcy: that it is the easy way out or lazy way to deal with burdensome debt. As we noted last time, though, the vast majority of those who file for bankruptcy do not do so as anything other than a last resort. In addition, the bankruptcy requirements are such that those who meet them are generally in a position where they cannot handle their debts on their own.

Using Chapter 13 for student loan debt relief: a temporary, but viable solution

While more Americans than ever are able to pursue higher education nowadays, the costs of education continue to rise and the availability of high paying jobs has not kept up with the demand. Because of this, student loan debt is a major problem for many Americans.

How are monthly payments determined in Chapter 13 bankruptcy? P.2

In a recent post, we began discussing the way monthly payments are determined in Chapter 13 bankruptcy. As we noted, Form 22C requires debtors to enter the sources and amounts of income they have at the time of the filing. Having the guidance of an experienced attorney is important when filling out Form 22C, since issues can arise from time to time regarding exactly how income should be reported.

Chapter 13 bankruptcy may allow a second mortgage to be stripped

Wisconsin homeowners may be interested to learn that, under certain circumstances, the Bankruptcy Code provides the opportunity to actually discharge a second mortgage by filing for Chapter 13 bankruptcy. This is available to those who are able to meet the terms of the qualification process. Once a filer is approved, the court may change a second mortgage from secured to unsecured debt. In so doing, the debt may be discharged as part of the Chapter 13 bankruptcy process.

How are monthly payments determined in Chapter 13 bankruptcy?

Many people are aware that there are different types of bankruptcy filings available for individuals carrying unmanageable debt. Not many people are aware of what their options are, though, until they start looking into filing for bankruptcy themselves.

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Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

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