Unlike a Chapter 7 bankruptcy, a Chapter 13 bankruptcy allows you to protect more assets and catch up on overdue payments through a reorganization of your debts instead of an Chapter 7 liquidation.
Two special cases that regularly pop up during bankruptcy filings are trust fund taxes and joint debt. It’s easy to be confused when reading over bankruptcy laws and tax laws, so it’s important to partner with a skilled and experienced bankruptcy attorney from Steiner Law Group.
The most important part of going through Chapter 13 bankruptcy is developing a Chapter 13 plan that you are able to stick to successfully. Since you hold onto your assets and income and can discharge many types of debt, the sacrifice is the obligation to repay the debts and stick to a strict repayment plan.
We must develop the right thinking about how we manage our money. This starts by the renewing of your mind on how you deal with money and to utilize money for the basic needs in life.
If you’re in debt and unable to afford the minimum payments or even think about paying off entire balances, it might be time to take a serious look at filing for bankruptcy.
Did you know that you are ineligible to file for Chapter 13 bankruptcy if your debts exceed a specific amount? In other words, it’s possible to be over the Chapter 13 debt limit.