By Stephen Elias
Veteran Nolo writer and patron debt specialist explains the entire techniques to be had to individuals with an unmanageable debt burden. packed with clearcut solutions and functional feedback, the booklet reassures readers curious about: wiping out all in their money owed; wasting their home tasks their automobile and different estate; conserving their credits cardslosing their task; wasting custody in their teenagers; going to jailand even more. Written in undeniable English, examines the professionals and cons of submitting for financial ruin, discusses its attainable repercussions, outlines the variations between several types of financial disaster and proposes numerous possible choices to submitting. contains pattern, accomplished financial ruin kinds.
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Additional resources for The New Bankruptcy: Will It Work for You?, 4th Edition
He deducts allowable expenses from his income and comes up with $200 a month extra. Because his excess income comes to $12,000 when projected over the next five years ($200 x 60 months), Jonas fails the means test. If Jonas had only $125 a month extra ($7,500 over a five-year period), he would have to figure out whether this amount would pay 25% of his unsecured, nonpriority debt in that five-year period. For instance, if Jonas owed $36,000 in credit card debt, he would be barred from Chapter 7 if he could pay $9,000 (25% of the debt) over a five-year period.
The Meeting of Creditors When you file your Chapter 13 bankruptcy petition, the court schedules a “meeting of creditors” (usually within about a month), and sends an official notice of the bankruptcy filing and the meeting to you and all of your creditors. 20 | The New Bankruptcy: Will it work for you? You (and your spouse if you have filed jointly) are required to attend. You’ll need to bring two forms of identification—a picture ID and proof of your Social Security number. A typical creditors’ meeting in a Chapter 13 case lasts less than 15 minutes.
The debts that qualify for discharge in a Chapter 13 bankruptcy are explained in Ch. ) Modifying the Plan and Alternatives to Full Discharge If you can’t complete your Chapter 13 plan as written, you can ask the court to modify it. As long as it’s clear that you’re acting in good faith, 22 | The New Bankruptcy: Will it work for you? the court is likely to approve your request. If it isn’t feasible to modify the plan, you may still be able to get what’s called a “hardship” discharge if: • you failed to complete your plan due to circumstances “for which you should not justly be held accountable” (like a job loss), and • your unsecured creditors have received at least what they would have gotten if you had filed for Chapter 7 bankruptcy (that is, at least the value of your nonexempt property less sale costs and the trustee’s commission).
The New Bankruptcy: Will It Work for You?, 4th Edition by Stephen Elias