Once you've completed your chapter 13 bankruptcy, there will be a meeting with your bankruptcy trustee, in which the trustee will either dismiss or discharge your bankruptcy. If you followed the trustee's plan and followed through with your bankruptcy, and paid back your debts as directed, your bankruptcy is most likely going to be discharged. At this point, your old creditors can no longer come after you for those old debts.
Going through tough financial times can make everyday life a struggle. You may feel as if your debt is so high that it's impossible to pay it off while also taking care of your regular bills. The longer you let your debt go, the more interest it will accumulate. This only creates bigger issues down the road. Some individuals turn to bankruptcy as a way to get rid of their debt and get a fresh start in life.
If you choose to use Chapter 13 bankruptcy for debt-relief, you will only experience true relief if you successfully complete the plan, and you can expect the plan to last for up to five years. Successfully completing a plan requires making all the payments, and there are several things to understand about the end result of a Chapter 13 plan.
You will be caught up on all past-due bills when you complete the plan
If you want to declare bankruptcy, you must show that you don't have enough disposable income to pay your debts. If you have a certain level of disposable income, which is money left over after you've met your debt obligations for the month, then you are expected to pay off your debts and skip the filing. Filers must undergo some income checks before they file. Read on for a step-by-step walk-through of the means test to get you ready to file your chapter 7 bankruptcy.
Rising health care costs and decreasing pensions have forced many people over the age of 65 to turn to bankruptcy courts for relief—a 2010 report by the University of Michigan even identified seniors as the most rapidly-growing group of filers. However, seniors face special concerns that other filers don't. If you're in retirement and are considering bankruptcy, these are some things you should know.
1.) If you have no assets and your only income is Social Security, you may not want to file.
