Chapter 13 Bankruptcy

How to Keep Your Home When You File Chapter 13 Bankruptcy

2020-05-01T18:59:08+00:00By |Comment(s):Comments Off on How to Keep Your Home When You File Chapter 13 Bankruptcy

One of the most common reasons people file for Chapter 13 is to save their home from foreclosure. Chapter 13 stops the foreclosure process and gives you an opportunity to catch up on your payments. It is crucial that you know what all the rules for home ownership are under Chapter 13. You don’t want to make a simple mistake that could cost you your home. Catching up on your payments won’t do you any good if you don’t follow all of the other rules that apply in this situation.

How to Keep Your Home When You File for Bankruptcy

1. Make Sure You Read Your Chapter 13 Plan Carefully

Basically, the idea is that you will continue making your regular payments as they become due while you work

Can I Get New Credit or Loans During My Chapter 13 Bankruptcy?

2020-05-01T19:10:42+00:00By |Comment(s):Comments Off on Can I Get New Credit or Loans During My Chapter 13 Bankruptcy?

When you file for a chapter 13 bankruptcy, the idea is to stick to the payment plan and get yourself out of debt. It’s a valuable form of financial relief because it provides an opportunity to manage the debt in a way that allows you to keep your assets. Under these circumstances, adding new debt is far from ideal, but a situation where it may be necessary could arise.

In general, you are not allowed to take on new credit or loans during a chapter 13 bankruptcy. However, the process of completing payments on one of these plans can take years and the court does understand that in that length of time, it is possible for circumstances to cause a genuine need for credit, so there are some exceptions that will

Can I Convert My Chapter 13 Bankruptcy to Chapter 7?

2020-05-01T19:12:54+00:00By |Comment(s):Comments Off on Can I Convert My Chapter 13 Bankruptcy to Chapter 7?

The major difference between filing Chapter 7 and Chapter 13 bankruptcy is income. Lower income levels are eligible to file for Chapter 7 (which is also normally a simpler process) while higher incomes file Chapter 13. Sometimes the conversion from Chapter 13 to 7 may happen by the debtor and sometimes it is forced by the bankruptcy court, and this is known as a forced conversion. While federal bankruptcy laws do not vary from state to state, some of Hawaii’s state laws and exemptions are quite specific.

How to Qualify

There are eligibility requirements that must be met in order to convert from a Chapter 13 to a Chapter 7. In Hawaii, the bankruptcy case must not have been converted from a different chapter, and the main eligibility requirement is the

Did You Know: Chapter 13 Interest Rates

2020-05-01T19:18:50+00:00By |Comment(s):Comments Off on Did You Know: Chapter 13 Interest Rates

Interest rates are a big contributor to financial problems. A little injudicious borrowing can lead to trouble as interest balloons that initial loan or credit line to the point where it is difficult or impossible to keep up with the payments. Bankruptcy can be helpful in cases where there are multiple loans with big interest rates that are going unpaid.

Filing for bankruptcy does not mean you won’t have to still deal with some interest. It is important to understand how interest works in bankruptcy, particularly if your income is high enough that your only option is Chapter 13 bankruptcy.

The Basics

When filing Chapter 13, you are essentially agreeing to a proposed payment plan to repay all or part of your debts. Unlike Chapter 7, where most of your debt is discharged,

What Is a Chapter 13 Bankruptcy Discharge?

2020-05-01T19:25:02+00:00By |Comment(s):Comments Off on What Is a Chapter 13 Bankruptcy Discharge?

A bankruptcy discharge is the end result of a bankruptcy case proceeding.  Basically, it means that your debts have been discharged, or wiped out, and you are free to start over and rebuild your financial situation.  Each type of bankruptcy has its own discharge, though, and a Chapter 13 discharge covers a broader assortment of debts than a Chapter 7 does.

Chapter 13 Advantages

When you are trying to decide which type of bankruptcy you need to file, Chapter 13 has some advantages over Chapter 7 that you need to consider.  By filing Chapter 13, you may be able to keep your main home and stop any foreclosure proceedings.  You may be able to catch up with delinquent mortgage payments over time and will still have to make your monthly mortgage payments

How to File for Chapter 13 Bankruptcy

2020-05-01T19:31:41+00:00By |Comment(s):Comments Off on How to File for Chapter 13 Bankruptcy

When you decide to file for bankruptcy, you will be faced with two major types. Learning how to file for Chapter 13 bankruptcy can ensure that you are making the right choice for you and your family. Not everyone is eligible to file for Chapter 13. What do you need to know about this type of bankruptcy?

You Must Be Able to Meet Repayment Requirements

The first thing that you need to know is that you will need to show the bankruptcy court that you have enough disposable income to make the required payments on secured debts, as well as your repayment obligations that will be under your bankruptcy plan. If you do not have sufficient income to meet your obligations, the judge will deny your bankruptcy plan.

Your Debt Level Cannot Be

Choosing a Honolulu Bankruptcy Attorney

2020-05-01T19:32:06+00:00By |Comment(s):Comments Off on Choosing a Honolulu Bankruptcy Attorney

Are you at the end of your rope with your finances? Finding the right Honolulu bankruptcy attorney could be the answer to your stress. If you have been struggling to pay your bills and getting calls at work and at all hours, you may be ready to consider bankruptcy. The key is to find the right representation for you and for your needs. What do you need to look for in a bankruptcy lawyer?

A Professional Honolulu Bankruptcy Attorney

First, ask friends and family for recommendations and referrals. This is your best source for finding someone that is professional that you can trust with your future financial situation. If you cannot find anyone that can recommend a bankruptcy attorney, you will want to look at your state’s lawyer

How to File for Bankruptcy

2020-05-01T19:32:28+00:00By |Comment(s):Comments Off on How to File for Bankruptcy

When you are dealing with creditor calls day after day, one thing that you may be considering is filing for bankruptcy. Learning more about how to file for bankruptcy can allow you to make the right decisions for you and your life. To ensure that you make the smartest decision for you and your financial future, you want to be sure that you get an attorney who can walk you through the bankruptcy process from start to finish.

Finding a Bankruptcy Attorney

There are many attorneys who claim to be experts in bankruptcy filings, but you want to be sure that you find one that truly focuses on helping people just like you file for bankruptcy. They will understand the paperwork that needs to be filed and the

Common Chapter 13 Bankruptcy Questions

2020-05-01T19:33:16+00:00By |Comment(s):Comments Off on Common Chapter 13 Bankruptcy Questions

Just as with anything in the legal world, you want to be sure that you understand each step. When you are filing for Chapter 13 bankruptcy, you may have questions about how it will affect your life, as well as what the process of bankruptcy will look like. These are some common chapter 13 bankruptcy questions and answers for you to peruse.

What is the difference between Chapter 13 and Chapter 7 bankruptcy?

The main difference is that in Chapter 7, the property that is not exempt in the bankruptcy, is sold to pay for debts. In Chapter 13 bankruptcy, the future income is used to pay as much of the debt as is feasible over a period of 3-5 years.

How is the debt paid in a Chapter

How to Find a Bankruptcy Lawyer

2020-05-01T19:34:09+00:00By |Comment(s):Comments Off on How to Find a Bankruptcy Lawyer

When you consider filing for bankruptcy, your first step will be to determine how to find a bankruptcy lawyer. While you could, of course, open up the phone book and go with the first one that you see, this is not the smartest decision. You need someone who you will be comfortable with and that you can trust with this very important legal matter. Where should you start in how to find a bankruptcy lawyer?

Ask Friends and Family

The best way to get an attorney that you can trust is to ask for recommendations from your friends and family. Asking people that you trust can ensure that you can get the most unbiased information possible and find a bankruptcy attorney that you can work with to take care of financial issues.

Ask

Get Started Today

677 Ala Moana Blvd #1009, Honolulu, U.S

Get Directions
Receive the latest news

COVID-19 Resource Center

Our COVID-19 Resource Center contains insights into new Coronavirus-related legislation and government responses to help you successfully navigate the crises created by the pandemic.