Chapter 13 Bankruptcy is a type of reorganization bankruptcy that allows individuals to create a plan to reorganize and consolidate their debt. Unlike Chapter 7 Bankruptcy, which liquidates many of a debtor’s assets, Chapter 13 Bankruptcy allows a debtor to keep more of their real and personal property if they agree to make agreed-upon payments…

Unlike Chapter 7 Bankruptcy, which liquidates most of a debtor’s assets in a relatively short period of time, Chapter 13 Bankruptcy allows a debtor to keep many of their assets if they are able to make payments on their debt over a period of time. This is called the Chapter 13 Payment Plan, and there…

Often the focus in bankruptcy is on debt; however, persons considering filing for bankruptcy should also keep in mind any possible sources of income. Because the bankruptcy process can take several months or even years, it is possible for the debtor to come by unexpected sums of money, such as an inheritance. When this happens,…

A recent case from the Ninth Circuit Bankruptcy Appellate Panel illustrates the importance of good faith for a Chapter 13 Bankruptcy Plan. Good faith is an essential element for a Chapter 13 Bankruptcy filer to have their plan approved and to begin repaying their debts. Good faith is not defined in the bankruptcy code, but…

Chapter 13 bankruptcy has several tools to help persons who are struggling or unable to make payments on their car loans. For many Americans, a house and a car are two of the most valuable possessions they will ever own. A recent article from Bloomberg news reports that lenders today are allowing buyers to borrow…

Bankruptcy is intended to give debtors a fresh financial start. Through liquidation or reorganization, it allows them renewed hope and a new opportunity to meet their fiscal obligations. For student loan debtors, however, the path is far more complicated. A recent pair of articles in the Wall Street Journal point out that, for some debtors,…

The recent economic downturn created, among many other problems, an abundance of people with many financed assets on which they were “underwater” or “upside down,” meaning that the outstanding balance on the loan was greater than the current value of the asset itself. One possible way to address assets upon which you are upside down…

The extreme effects of the most recent economic recession have many people facing foreclosure on their homes, as the properties’ values plummeted and the property owners’ incomes declined, or dried up altogether. After an extended period of limiting the volume of foreclosure actions, or stopping altogether, mortgage lenders are again pursuing foreclosures more aggressively. Homeowners…

The American dream can be expensive. Often times this dream is portrayed as homeownership with a couple of cars in the driveway. How one goes about obtaining the American dream in today’s reality is another story. Chasing the American dream has led people to run up huge consumer credit card debt and take mortgages they…

You may remember that one of my first blogs dealt with the debt limits in a Chapter 13 bankruptcy and how those debt limits precluded some Bay Area residents from receiving the bankruptcy help they needed in order to save their home from foreclosure. The amount of people’s mortgages coupled with their credit card, medical…