Is your Chapter 13 bankruptcy discharged after the court case?
You file for Chapter 13 bankruptcy, go to court, get approved and then move forward with the repayment plan. Once that court case is over, has your debt actually been discharged? It has not. Just because the court granted you the Chapter 13 filing doesn’t mean the debt is gone. You have to stick with […]
You can file for bankruptcy, even with a job and a good income
There is sometimes a stereotype about bankruptcy, in which people believe they have to be in absolutely dire straights to file. They need to be unemployed, swamped in debt, facing foreclosure, and with no other way out. Certainly, you can file in that situation, but you should know that you can also file even if […]
Questions to ask when considering bankruptcy
You don’t want to choose bankruptcy lightly. This is something you can only do so often, and it’s a big step. To decide if it’s the right move for you, ask these questions: 1. Are you completely out of ways to pay the bills? Remember that missing payments increases debt and hurts your credit score, […]
Can you pay off your Chapter 13 bankruptcy early?
When you enter into Chapter 13 bankruptcy, a repayment plan is created. This may take 60 months to complete, and you have to stay current on the monthly payments. What you may be wondering, though, is if you can pay it all off early to get yourself out of bankruptcy. For example, this was the […]
What if you need a new car during a bankruptcy?
Most people in Wisconsin need a vehicle in order to maintain a job. In a Chapter 13 bankruptcy, people will often have a vehicle that they are paying through their Chapter 13 plan. But because many Chapter 13s have a duration of five years, there are also many individuals who will have a car that […]
Use of car is not income in a Chapter 13 rules WI bankrutpcy ct
At least in one bankruptcy court of the Eastern District of Wisconsin. In a Chapter 13, a debtor who worked for a car dealer receives a vehicle as part of her compensation. It added $625 per month to her income. However, she also had a second, personal vehicle. She did not include it in her […]
Court permits Ch. 13 trustee to demand payments after 5 years
In most Chapter 13 bankruptcies, the debtor makes payments to the trustee for three to five years, and upon completion of the plan, they receive a discharge. In a somewhat unusual case, because a debtor experienced an increase in her income, the trustee was allowed to ask that she amend her plan after completion. The […]
Done paying off your Chapter 13 bankruptcy? Court says maybe not.
Bankruptcy is a process designed to offer those who qualify a fresh financial start. Different types are available, but one of the more common is a chapter 13 bankruptcy petition. A petition for relief through a Chapter 13 bankruptcy generally allows the petitioner to keep his or her possessions. Instead of the possessions being sold […]
An overview of Chapter 13 bankruptcy and credit card debt
Although the economic recovery seems to have found its rhythm, many Americans, including those in Wisconsin, still struggle to make ends meet. When financial pressures mount, these individuals might look for options to stay afloat. Payday loans and credit cards are often used as a temporary measure, but far too often these sources of temporary […]
How do I qualify for a Chapter 13 bankruptcy?
Previous posts here have discussed bankruptcy options and how particular bankruptcy routes may be beneficial to an individual or a business. Yet, sometimes the intricacies of bankruptcy can leave some Wisconsin residents forgetful of the big picture. For example, who, exactly, can file certain types of bankruptcy? This is a critical question, albeit preliminary, the […]
