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Posts tagged "Chapter 13 bankruptcy"

Supreme Court ruling may affect ability to appeal in a bankruptcy

Kentucky residents who are facing overwhelming debt may be interested in one legal limitation that consumers face when seeking a Chapter 13 bankruptcy. A decision from the nation's highest court has clarified when a person has the ability to appeal the bankruptcy court's rulings.

Debts that can't be discharged in Chapter 13 bankruptcy

People in Kentucky who file for Chapter 13 bankruptcy protection may be able to have many of their unsecured debts discharged upon the successful completion of the process. However, there are a few kinds of obligations that are not eligible for discharge under Chapter 13 bankruptcy. Other kinds of debts may not be impossible to discharge, but it could be more difficult under this form of consumer debt relief.

Bankruptcy filing for debtors with tax debts

Kentucky individuals who are struggling with debt and considering filing for bankruptcy may not know that past due tax obligations are not always eligible for discharge. A Chapter 13 bankruptcy establishes an arrangement for the debtor to repay all obligations over a period of three to five years in accordance with an approved plan, but Chapter 7 allows the discharge of certain types of debt, including federal tax debt if it meets strict requirements.

Understanding the law regarding paying discharged bankruptcy debt

Kentucky residents with overwhelming consumer debt may be interested in repayment options, including those that come after debt is discharged in bankruptcy. Depending on the specifics of the debt, some borrowers may still wish to pay these debts when there is no legal need to do so.

How Chapter 13 bankruptcy affects a mortgage

Kentucky homeowners who are having financial difficulties may be wondering how filing for Chapter 13 bankruptcy affects their mortgage. When this specific type of bankruptcy is filed, the mortgage lender typically wants to prevent the foreclosure process as much as the homeowner.

The IRS and Chapter 13 bankruptcy

Debtors in Kentucky may be interested in learning more about Chapter 13 bankruptcy and how the process interacts with the IRS. This type of bankruptcy is reserved for debtors who are considered sole proprietors, self-employed or wage earners. Applicants who qualify for Chapter 13 bankruptcy have reliable income, meet the requirements established under bankruptcy codes and have filed all the appropriate tax return documents for the four years preceding the application.

Getting rid of a second mortgage through bankruptcy

Some people in Kentucky that are considering bankruptcy are wishing to prevent foreclosure of their homes. Many of them may have second mortgages on the property. Like the primary mortgage holder, the second mortgage lender can initiate foreclosure proceedings if the homeowner defaults on his or her payments.

Distinctions between Chapter 7 and Chapter 13 bankruptcy

Kentucky residents struggling with financial challenges and seeking debt relief may be interested to know about how personal bankruptcy might work to help them manage or eliminate debt. The two most common types of individual bankruptcy are Chapter 7 and Chapter 13, which differ from each other in certain key aspects.

What is the process for a Chapter 13 bankruptcy?

Kentucky residents who are looking to file for bankruptcy will generally either select a Chapter 7 or Chapter 13 filing. While a Chapter 7 bankruptcy focuses on eliminating debts, this type of filing is usually unable to prevent foreclosures. Chapter 13 gives people a way of catching up on debts, including secured loans, with a three- to five-year repayment plan, and in some cases the debtor can save the home from foreclosure if regular mortgage payments continue to be made. This process also can protect cosigners from action by creditors.

Learning the basics of bankruptcy in Kentucky

In 1934, the Supreme Court stated in one of its opinions that bankruptcy represents an opportunity for the honest but unfortunate debtor to get a fresh start without being discouraged by previous debt. There are several different chapters in the Bankruptcy Code that allow individuals, married couples and businesses to get the fresh financial start that they need.

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