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Chapter 13 Archives

What happens after a Chapter 13 bankruptcy discharge?

Seeking financial freedom through bankruptcy is a big step that many Tennessee residents decide to take to improve their economic standing. Most individuals elect to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, two different processes that are available to individuals through different qualifying requirements. In the end, however, individuals who file for either form of bankruptcy hope to arrive at the process's terminal event: debt discharge.

How Chapter 13 can be an effective tool to stop foreclosure

As this blog has discussed on previous occasions, a Chapter 13 bankruptcy works a bit differently than the more commonly used Chapter 7 in that it requires debtors to make and follow through on an approved monthly payment plan. The money from this repayment plan will go to pay all or part of the person's outstanding debts.

How does Chapter 13 bankruptcy reorganize one's debts?

Tennessee residents may often plan to achieve their goals by getting organized and making a plan to tackle the obstacles that stand in their paths to success. In essence, this is exactly what Chapter 13 bankruptcy does for debtors who have sufficient income to pay down their outstanding financial obligations over time. Through the process of reorganizing the debts and implementing a repayment plan, many debtors can find financial freedom through the protections of Chapter 13 bankruptcy.

Strong representation for Chapter 13 bankruptcy cases

No one wants to talk about their debts. While not all debts are necessarily bad, it is the rare Chattanooga resident who is willing to openly discuss the financial liabilities that they carry and the stresses that they experience due to those unpaid obligations. Most people who live with debt do so quietly and do their best not to draw attention to their financial shortcomings.

Chapter 13 bankruptcy may be a viable path to financial solvency

When a Hamilton resident cannot pay their bills, cannot keep up with the minimum payments on their credit cards and cannot handle the influx of expenses that burden them each day, they may need to consider significant steps toward eliminating their debts. In situations like this where a person has no extra income on which to make a dent into their debt it may be best for them to try to wipe out as many of their financial obligations as possible through the liquidation process of Chapter 7 bankruptcy.

Not everyone will qualify for Chapter 13 bankruptcy

A common misconception may exist in the minds of some Tennessee residents regarding the bankruptcy process. That misconception relates to the ability of an individual to file for protections under the bankruptcy process. While in some situations it may be true that a person can file for some form of bankruptcy, because the different types of bankruptcy employ different requirements, that person may not qualify for all forms of bankruptcy.

Not all debts are dischargeable in Chapter 13 bankruptcy

Most Tennessee residents understand bankruptcy to be a process that wipes out all of a person's debts. There are, of course, sacrifices that individuals must make for financial freedom, such as the liquidation of their assets under Chapter 7 bankruptcy or the assignment of their disposable income to creditors in Chapter 13 bankruptcy. To some, these may seem to be minor inconveniences necessary to start over on a clean financial slate. However, it is important that readers understand that not all of their debts may be discharged when they complete their Chapter 13 filing.

Information about payments under Chapter 13 bankruptcy

Once a Tennessee debtor realizes that bankruptcy is the only option and Chapter 13 is the optimal choice, there will be other issues that must be fully understood as part of the process. Adhering to the Chapter 13 plan is a key to getting debt relief and a fresh financial start, but debtors might be concerned about how much they must pay back and what will happen if they fail to keep up with the payments. Having information about these issues is crucial to having a successful outcome.

What property is exempt when one files for Chapter 13?

Tennesseans who are drowning in debt and desperate to make a fresh financial start will often see Chapter 13 bankruptcy as a financial lifeline. Chapter 13 is different from Chapter 7 in that there is no liquidation, and there will be a payment plan for three to five years.

Chapter 13 payments and confirmation

Tennesseans who are moving forward with a bankruptcy under Chapter 13 must understand when the payments must start and its connection to the confirmation hearing. Since Chapter 13 is a repayment plan rather than a liquidation and, depending on the situation, the payments are required to be made within three to five years, the timing of when the payments will commence is vital. So too is the confirmation hearing.

Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-954-7180
Phone: 423-624-4002
Fax: 423-624-0509
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