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In a Chapter 13 Bankruptcy, what if I have co-signers on some of my debts ?
You are required to list that debt and list the co-debtors or co-signers. You can either continue to pay that debt as you are now OR put that debt “inside the plan”. If you have co-debtors or co-signers on any of your loans, and that loan is paid INSIDE your plan,...
I’m about to make my last payment in my Chapter 13 Bankruptcy. I heard that now I get a discharge. What does that mean and how long does it take ?
A discharge is your ultimate goal. It means that you have completed your requirements under your plan and you are relieved of any efforts to collect from any of the creditors you listed in your schedules, other than the creditors paid outside your plan. The discharge...
Detroit filed bankruptcy, why can't I ?
A good question, that I am guessing we will hear much in the next few years. We often heard this question asked when the giant General Motors, once the largest corporation in the world, filed bankruptcy a few years back to deal with its debts. The answer is that...
Can I use credit during my Chapter 13 Bankruptcy ?
Your Order Confirming Plan, signed by the Bankruptcy Judge, states that you may not incur any credit obligations during the life of the plan without the Trustee’s written consent. The only exceptions to act without the Trustee’s written consent would be a serious...
What happens if I miss some payments to the Chapter 13 Trustee in my Bankruptcy ?
For example, what if I have some emergency? It is important for you not to miss any payments to the Trustee. When you file your Chapter 13, you get the benefit of prohibiting your creditors from taking any action against you. In exchange for that relief, you must...
What is a reaffirmation agreement in bankruptcy, and how does it work?
A reaffirmation agreement is an agreement by a debtor and a creditor about how to treat a particular debt that would otherwise be discharged in the debtor’s bankruptcy. Usually, the debt is secured by collateral that the creditor could repossess or foreclose on. In...