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Chapter 13 Archives

When is Chapter 13 bankruptcy the right choice for you?

As Washington readers know, some financial struggles develop over time, while other spring up seemingly overnight. No matter the nature of your financial difficulties, when savings have been depleted and bills amount to more than you make in a month, you may feel that you are out of viable options. Fortunately, there are legal options available to you, including the option of Chapter 13 bankruptcy.

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Take control of your debt with Chapter 13

Have you ever thought "If I could just catch a break on these few different bills, I could get caught up?" This thought process might be more common than you think, and there is a legal course of action that can help that thought come to life. When the debt, monthly payments and constant phone calls interfere with a person's honest yearning to simply pay bills, Chapter 13 bankruptcy can be a viable option.

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Chapter 7 bankruptcy makes most debts unenforceable

Personal bankruptcies are generally achieved through two types of filings: Chapter 7 and Chapter 13. A Chapter 7 bankruptcy is a liquidation bankruptcy, while a Chapter 13 bankruptcy is a reorganizational bankruptcy. Regardless of the type for which a Washington resident files, debts that are discharged when the bankruptcy is finalized become unenforceable for creditors. 

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Supreme Court changes the game for Chapter 7 bankruptcy

Chapter 7 bankruptcy is undergoing a significant change following a ruling from the United States Supreme Court. The decision followed a case involving the prominent lender, Bank of America, and is believed to benefit lenders and those who are in debt. While news of this change might be less than pleasant, it only affects second liens of underwater properties, making Chapter 7 bankruptcy still a viable and appropriate option for Washington debtors who are unable to pay.

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Is Chapter 13 the best option for bankruptcy?

There is no universal solution for debt relief for Washington residents, but, instead, there are a myriad of options from which consumers with enormous amounts of debt can choose. For many debtors who are struggling to make even the minimum payments and must choose between which bills to pay, bankruptcy is often an appropriate choice to make. However, there are two main types of consumer bankruptcies -- Chapter 7 and Chapter 13 -- and individuals generally only qualify for one of them.

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Ready to stop the harassing calls? Consider Chapter 13 bankruptcy

For some, debt can creep up slowly, while for others, a single large emergency can plunge them into nearly unfathomable debt. We understand that most people want to pay back what they owe, but with creditors constantly harassing them for more and more payments, it can quickly become overwhelming. Unlike a Chapter 7 filing, Chapter 13 bankruptcy can help people resolve their debt by creating a manageable payment plan.

Research and compare if looking for debt consolidation solutions

The Federal Reserve reported that the debt load supported by United States consumers is more than $3.20 trillion. In light of these figures, it is no surprise that many consumers may seek a debt consolidation loan in an attempt to reduce their monthly obligations. Washington residents who are considering this option might also consider the advantages of a Chapter 13 filing.

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A Chapter 13 bankruptcy may be just the answer you need

For many families in Washington, bills pile up and the paycheck goes just so far. Sometimes, life throws a curveball and the pay stops coming, but the bills only seem to increase. However, you don't want to lose all of your assets, or not all of your debt is eligible to be discharged. In this situation, a Chapter 13 bankruptcy may be a good resolution.

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Sometimes buying a home may lead to need for bankruptcy

The American Dream was once said to be having the perfect home and the white picket fence. In today's world, however, the choice to purchase a home may lead to compounding future debt problems and may cause the consumer to research the options provided by a bankruptcy. Washington residents may choose to consider their own financial well-being before deciding to pursue a mortgage loan.

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Could debt consolidation plans help Washington students?

Seeking a college degree takes time, hard work, commitment and money -- and not always in that order. Frequently, college students in Washington and every other state leave with more than the desired sheepskin; they may also have accumulated a heavy debt load through loans and card debt. Students may find that they benefit by having a financial attack curriculum -- which could include debt consolidation -- in place before they graduate.

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