Chapter 13 saved my life

Those words made me stop and think for a minute. When you work in the bankruptcy industry, as long as I have, the shock-factor disappears and it’s easy to take for granted what a miracle bankruptcy can be for our clients. Filing Without an Attorney According to the United States Courts, about of bankruptcy cases are filed by debtors pro se (meaning on their own without attorney assistance). Think back to all that has occurred in your life and the lives of your family members over the last years.

Many times these changes have negative impact on cash flow in the home. When your monthly chapter plan payment isn’t made, your case ends up being dismissed or converted to a chapter bankruptcy. Other times it just simply isn’t going to work anymore. See full list on skibalaw.

This one will sound self-serving, but it is true. People who attempt to wade the rough waters of chapter without the benefit of a lawyerrarely succeed. The last numbers I saw told a grim tale – less than of cases where debtors were not represented by a bankruptcy lawyer were successful in having their plan approved by the court. One of the bankruptcy trustees here in Arizona told a group of us that she had not seen any unrepresented chapter cases be successful. If you are needing a chapter case, hire a lawyer.

Each bankruptcy case is assigned a trustee. In chapter bankruptcy cases the trustee is required to administer your case and distribute your payments to your creditors under the provisions of the bankruptcy code. While the bankruptcy code rules the day, it is surprising how different procedures and even your ability to get your case approved (known as being “confirmed” in bankruptcy lingo) is depending on which trustee you get. Here in Arizona there are three chapter trustees. Each of them have a different approaches and interpretations of the law and how it is going to apply to your situation.

Sometimes, the trustee you draw when your case is filed will have a huge impact on whether your particular case is successful. As I said earlier, chapter bankruptcy definitely has it place and is full of powerful tools that you simply don’t have in achapter 7. But as you contemplate filing a chapter case you need to mentally prepare yourself for the fact that this is not a quick fix. Bankruptcy Will Appear on My Credit Report: That is actually true. And it will be listed for seven years if you file a chapter bankruptcy and ten years if you file a chapter bankruptcy. But if you are behind or delinquent on your debts that will be reported for seven years as well.

Chapter cases, though, are not easy to live with. You get to keep your assets (stuff you own) and you’re given time to bring your mortgage up to date. Bankruptcy Saved My Life Before I went into bankruptcy I had just purchased a new home and a new car,and then, BOOM!

We had accumulated over $70in credit card debt. Real Estate, Landlord Tenant, Estate Planning, Power of Attorney, Affidavits and More! All Major Categories Covered. Once you get your discharge, you may have to live on a cash basis until you can rebuild your credit. Another advantage of chapter is that it allows individuals to reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the chapter plan.

Doing this may lower the payments. This fee can usually be paid over time, but it still is more expensive. Here are a few of the reasons I see in my practice why chapter bankruptcy cases aren’t successful. So yes, this story shows the importance of being able to file.

It seems a small price to pay for the opportunity to file CH. There are two main types of bankruptcy for consumers. In my case, all my creditors were pai but they lost interest and sometimes had to wait years before being paid via the trustee.

I figure I owed whatever the plan required of me. Born with a clubfoot and told by her mother she was a worthless cripple, Ada didn’t know what sort of life she was missing.