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Chapter 13 Archives

Steps to purchasing a car during Chapter 13 bankruptcy

It is possible for Mississippi residents to get financing for a car while in Chapter 13 bankruptcy. However, the process may take longer and be more difficult than for people who are not in bankruptcy. The first step is to find a lender and dealer. If finding a lender is not possible, the next step is to look for a subprime dealership. They specifically work with lenders whose specialty is people with bad credit.

Understanding Chapter 7 and Chapter 13 bankruptcy

For people in Mississippi struggling with unrepayable debt, bankruptcy can be a way out from financial disaster. However, the types of debt that can be wiped away in bankruptcy vary depending on the type of bankruptcy a person pursues. In addition, some types of debts are almost always dischargeable while some types of debt are notoriously difficult to discharge.

Inadequate estate planning can be corrected

A surprising number of American don't have financial or health plans in place to deal with end-of-life matters. Without the right documents or financial provisions, seniors can be subject to unfortunate, yet avoidable, conditions. One in five Americans over the age of 65 is subject to financial abuse for this reason, but few people think they are vulnerable. The good news is that estate planning mistakes can be fixed.

Credit repair strategies after filing for bankruptcy

People in Mississippi with bankruptcies on their records naturally await the day when their credit reports no longer show their defaults. The Fair Credit Reporting Act allows credit bureaus to report bankruptcies for up to 10 years from the date of filing. Until then, former debtors can take steps to improve their credit ratings and potentially remove bankruptcies from their records.

Tax debt and bankruptcy

Mississippi residents who find themselves with debts they cannot afford to pay have the option of voluntary bankruptcy. A voluntary filing means that a debtor chooses to file for bankruptcy without being petitioned to do so by a creditor. While bankruptcy can wipe out many types of debt, some debts are excluded. For example, taxes owed are often not allowed to be dismissed in bankruptcy. It all depends on what type of taxes, what type of bankruptcy and whether or not the taxes in question meet some very specific criteria.

Bankruptcy and credit myths

People in Mississippi who are struggling with debt might hesitate to file for bankruptcy because of certain myths they believe about bankruptcy. There are a number of misconceptions about filing for bankruptcy and what happens to a person's credit afterward.

Americans are piling up credit debt

Mississippi readers with credit card debt are not alone. According to a report by WalletHub, in 2017, Americans added the most credit card debt since 2007. Further, the Federal Reserve estimates that the total amount of U.S. credit card balances currently exceeds $1 trillion.

Federal Reserve chair discusses student loan debt

Some people in Mississippi may be struggling to pay off their student loans, but these obligations are generally not dischargeable in a bankruptcy. The total amount of student loan debt in the United States has reached $1.4 trillion carried by 40 million people. In the 1970s, Congress began reducing the ability of borrowers to discharge student loan debt. It is only allowable in cases of "undue hardship". What this is has never been defined, but courts have traditionally set very stringent guidelines.

Vehicle ownership and Chapter 13 bankruptcy

If they have a steady stream of income, debtors in Mississippi may use a Chapter 13 bankruptcy to pay off their substantial debts. They will have three to five years to use their disposable income to resolve their debts. If individuals currently have a vehicle or would like to purchase one during any stage of the bankruptcy process, this still can be achieved. However, there are some factors that have to be considered.

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