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chapter 13 Archives

Should I declare bankruptcy before or after filing my taxes?

As tax season approaches, many Mississippians struggling with debt are wondering whether they should file bankruptcy before or after they file their taxes. It is generally advisable to file taxes before filing for bankruptcy; not doing so carries unique consequences for Chapter 7 and Chapter 13 bankruptcy cases.

Modifying a Chapter 13 bankruptcy plan

A previous Mississippi post discussed debtors' obligations under Chapter 13 bankruptcy. Once the bankruptcy court confirmed a debtor's repayment plan, they must follow the repayment for either three or five years. However, certain circumstances may warrant a modification of the initial plan.

What are my obligations under Chapter 13?

Mississippi debtors may decide that filing for Chapter 13 bankruptcy is the best way for them to get a fresh financial start. Chapter 13 bankruptcy, or reorganization bankruptcy, allows debtors to adhere to a structured repayment plan to pay off their debts. This is different from Chapter 7 bankruptcy, or liquidation bankruptcy, which allows debtors to have their debts forgiven in exchange for allowing a trustee to liquidate all their non-exempt property.

Can filing for Chapter 13 bankruptcy stop foreclosure?

Many homeowners in Mississippi have fallen behind on their mortgage payments and are now facing the possibility of losing their homes. Most lenders are unwilling to allow for a short sale or loan modification. Rather, they will begin the foreclosure process as soon as possible.

Is filing for Chapter 13 bankruptcy the best option?

Upon making the difficult decision to file for bankruptcy, one is faced with determining whether filing under Chapter 7 or Chapter 13 best suits their individual situation. It is best to make this choice following an examination of the benefits and disadvantages of each plan. Filing for Chapter 13 bankruptcy may be the best option for those who are seeking to avoid foreclosure, those who are prepared to make payments over a longer period of time and those who need to refile for bankruptcy more than once every six years.

Bankruptcy options can help with foreclosure concerns

The threat of foreclosure can hang over a family like a heavy and dark cloud. The prospect of losing a family home can lead to a significant amount of anxiety and concern. Fortunately, there are legal protections available to help struggling homeowners and individuals struggling with debt. The Chapter 13 bankruptcy process may be able to help homeowners who are facing a challenging situation and the anxiety and stress associated with a potential foreclosure.

Are you eligible for Chapter 13 bankruptcy?

Most people think of bankruptcy as being a last resort. It usually has a negative connotation and people generally think of it as being a sign of failure. Bankruptcy is not a way to get completely out of debt, or a financial surrender. Instead, it is a tool to manage debt. Chapter 13 is especially useful for individuals like you, who have are drowning in debt due to extensive medical expenses.

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