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 […]
Arizona Chapter 7 Bankruptcy has many nicknames, such as “straight bankruptcy” or “liquidation”. Liquidation is a good description because one basic premise of chapter 7 bankruptcy is that your unsecured creditors are entitled to the value of all you non-exempt property. For example, in Arizona if you owned a Mickey Mantle rookie card in mint […]
Any normal person niether wants to or predicts that one day they might have to file for bankruptcy. Even people who aspire for success in life such as, real estate moguls and famous singers have ended up bankrupt. Do the names Donald Trump or Toni Braxton ring any bells? In fact, Braxton filed for chapter 7 for […]
It is important to remember that no person has the exact same situation, which can cause differences for each individual case and it is extremely important to consult an expert when you are making any decisions about your bankruptcy. Many times, although it may seem that there is only one way of doing this, an […]