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Of course you have heard about “unsecured” and “secured” creditors, what is it that differentiates between the two terms? A creditor is somebody to whom money is owed. For example, when you owe the bank money because you have taken out a loan, they are then your creditor. We can separate creditors into two categories, “secured” and […]
The bank has already started the foreclosure process on my home, is it too late to act? No. As long as the foreclosure process has not yet been completed, filing bankruptcy can stop the foreclosure process and allow the debtor an opportunity to bring the payments current and thereby “cure the default.” The right to […]
A reaffirmation agreement simply means that you have agreed with your creditor to continue to be liable to them after bankruptcy. You should almost never enter into a reaffirmation agreement with an unsecured creditor. This is because your debt to them will be discharged in Chapter 7, meaning they can never come after you again […]
The length of your chapter 13 plan is determined by comparing your gross annual income to your states median income. If your income is above the state median income than your chapter 13 must be five years in length. If it is below than your plan must be at least three years in length.
Unsecured creditors in a chapter 13 are entitled to receive 100% of your monthly disposable income. Unsecured creditors are owed debts such as credit card debt, medical debt and other debt that does not include any property pledged as collateral. Your monthly disposable income is determined by a formula provided by the bankruptcy law known […]
Chapter 13 is most commonly referred to as “reorganization” because you are given the opportunity to rearrange your debt. Rearranging debt offers many different options depending upon the type of debt at issue. Sometimes debt that is secured by collateral can be rearranged to decrease the total amount due for that particular debt. For example, […]
More likely than not, if you file bankruptcy in Arizona it will either be a chapter 7 or a chapter 13 bankruptcy. The numbers 7 and 13 simply refer to the laws set forth in those two chapters of title 11 of the United States code. The advice of an expert Tucson Bankruptcy Attorney will […]