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Chapter 13 Archives

What debts have to be repaid in Chapter 13 bankruptcy?

Any debt can be stressful for a Tennessee resident, especially if they do not have the money to pay it off according to the terms of their loan. Whether that debt is the mortgage that they must pay for their house, an unpaid tax bill to the federal government, or an outstanding statement for their credit card, a debt can place a black cloud of worry over a person until they are able to pay it off and move their life forward.

What is the credit counseling rule for Chapter 13 bankruptcy?

Personal bankruptcy is often the last resort for Tennessee residents who have found themselves dealing with insurmountable debts. After investigating debt relief options and trying to manage debts on their own, they may turn to bankruptcy attorneys to learn more about how they may break the cycle of financial hardship in their lives.

Some debts may not be discharged in Chapter 13 bankruptcy

Personal bankruptcy is often viewed as a legal means of clearing one's debts and finding a clean slate on which to build a new financial future. Individuals who opt to use Chapter 13 bankruptcy as their path out of debt can expect to spend years working through the repayment plans that they created during their bankruptcy proceedings. Once a Tennessee resident receives their bankruptcy discharge, they may be surprised to find that they are not completely debt free.

Can a person file for Chapter 13 bankruptcy more than once?

Filing for bankruptcy is an event that most Americans will be able to avoid throughout their entire lives. Those who do file for bankruptcy may vow never to let themselves experience financial hardships again so that they may avoid pursuing bankruptcy in the future. However, filing for bankruptcy more than once is something that occurs in the lives of Tennessee residents, but when it comes to pursuing second personal bankruptcy cases, individuals should know that they are limited as to when those subsequent cases may begin.

What qualifies a debtor for Chapter 13 bankruptcy?

Readers of this Chattanooga bankruptcy and debt relief legal blog may not know that not everyone is able to pursue all forms of bankruptcy. This is because different forms of bankruptcy serve different purposes and therefore only certain individuals and entities may qualify for each. The remainder of this post will discuss how an individual may qualify for Chapter 13 bankruptcy and what events may bar them from using it to achieve financial stability.

What is a Chapter 13 repayment plan?

Personal bankruptcy is an option for individuals who cannot get out of debt and repay their financial obligations without help. There are different forms of bankruptcy that men and women may choose to pursue, and different forms of bankruptcy can meet the needs of different debtors. For Tennessee residents who earn incomes and can dedicate some of their earnings to the repayment of their debts, Chapter 13 bankruptcy may be a suitable option.

A hardship discharge through Chapter 13 bankruptcy

The foundation of a Chapter 13 bankruptcy reorganization plan is the commitment of the debtor to the repayment of their debts. An individual who pursues Chapter 13 bankruptcy generally must have sufficient income that may be applied to the balance of their outstanding loans in order to be eligible for the process. However, from time to time a Tennessee resident who is pursuing Chapter 13 bankruptcy may experience a devastating setback that may prevent them from continuing with their repayment plan.

Advantages of the Chapter 13 bankruptcy process

This post is included on this Tennessee bankruptcy and debt relief blog to offer readers with an informative overview of some of the ways Chapter 13 bankruptcy may serve their financial needs. It is not intended to state that Chapter 13 bankruptcy is superior to Chapter 7 bankruptcy or that it is always a better choice. All readers should seek their own legal guidance when making a decision about what form of bankruptcy to pursue for their own financial needs.

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.

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

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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