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Chapter 13 Archives

Can Chapter 13 be modified after it has been confirmed?

When a Texan decides that filing for Chapter 13 is the best possible option to secure debt relief and have manageable payments, it does not necessarily mean that the agreement is set in stone and cannot be changed. While Chapter 13 is a strategy that will give the debtor a certain amount of time to pay back what is owed under a repayment plan, it can be modified. There could be many reasons why a debtor would like to have the plan altered and it is important to know when and why this might be done.

What happens at the Chapter 13 meeting of creditors?

There are many different parts of a Chapter 13 bankruptcy filing that Texans need to be aware of prior to moving on with the process. One that might give many people a significant amount of consternation is the meeting of creditors. This might be viewed as a confrontational situation, and those filing for Chapter 13 might think of it as a stress-filled struggle like a courtroom drama. The reality is that it is not like that.

Can Chapter 13 bankruptcy be converted to Chapter 7?

When a person in Texas is facing financial challenges and makes the decision to file for bankruptcy, the individual might not be fully knowledgeable about how the process works. One aspect that is often confusing is when a Chapter 13 can be converted to a Chapter 7. The petitioner can decide to do this or it can be done by the U.S. trustee. The law for bankruptcy covers this and it can be beneficial for a debtor to understand when and how this can be done as steps might be taken to prevent it or it might be preferable to make the change.

Understanding unsecured debts during Chapter 13

Debtors in Texas who are dealing with financial issues and are thinking about whether or not bankruptcy is the right option for them need to know about the different types of bankruptcies and what they require. For a person who is working or owns a business and would like to reduce debt but still pay back the majority of what they owe under different terms, filing for Chapter 13 might be their preferred choice.

Can a Chapter 13 plan be modified after confirmation?

People in Texas who file for Chapter 13 bankruptcy might not be aware that the Chapter 13 plan can be modified after confirmation of the plan, but before completion of the payments. This can be requested by the debtor, the trustee or the holder of an unsecured claim.

What must be done to make a Chapter 13 plan work?

With a filing of Chapter 13, Texas residents need to make certain that they focus on what is important to make the plan successful. This type of filing is referred to as a "wage earner's plan." It allows those who have a regular stream of income to formulate a plan to pay back all or some of the debts they have accumulated. Installment payments will be made so the debts can be wiped out within three to five years. The amount of income the debtor earns will dictate whether it is a three or five year plan.

Dealing with a car loan in a Chapter 13 bankruptcy

While there are many issues that will come to the top of the list of concerns for Texans seeking debt relief through a Chapter 13 bankruptcy, there are also other factors that must be considered. One is what will happen to a car loan that still has payments due while the bankruptcy is in process. While it might be a secondary problem once the Chapter 13 gets underway, it must be dealt with at some point.

What basic information is required when filing for Chapter 13?

Chapter 13 bankruptcy is an option for people in Texas who are having financial issues. Chapter 13 bankruptcy is a method to deal with foreclosure issues, stop creditor harassment and improve financial standing. With that, it is imperative to understand the basics of the filing and what information must be provided to properly complete it. A debtor is required to provide all the correct information and follow other rules.

Chapter 13 bankruptcy helps people cope with student loan debt

Overwhelming debt is a problem plaguing many people in Smith County, Texas, and residents throughout the country. While people have accumulated debt through credit card spending, debts arising from medical emergencies or following the loss of a job and income, many people are financially struggling with student loan debt. According to the Consumer Financial Protection Bureau, the nationwide student loan debt is an astounding $1.2 trillion dollars in the United States.

Is Chapter 13 bankruptcy the best option for you?

Many Texas residents may be aware that most individual bankruptcies are either filed under Chapter 7 or Chapter 13 of the United States Bankruptcy Code. However, the eligibility criteria for those two types of bankruptcies are slightly different from each other. For example, Chapter 13 is a good option for those people whose debts are comparatively small and have a steady source of income.

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