Chapter 13 bankruptcy basics

Written by Bankruptcy Home


Continued from page 1

In order to file Chapter 13repparttar debtor must be able to pay monthly living expenses and payrepparttar 111958 trustee to consolidaterepparttar 111959 debt. In order to make these paymentsrepparttar 111960 debtor must have a consistent source of income or at least reasonable prospects of future income. Just like in a Chapter 7 Bankruptcy,repparttar 111961 individual must live, reside, be domicile, or have a place of business inrepparttar 111962 United States. Additional,repparttar 111963 debtor must have a regular source of income andrepparttar 111964 amount of their debt may not exceed a certain amount.

What does it mean to have a regular source of income? According torepparttar 111965 Bankruptcy Code, "any individual whose income is sufficiently stable and regular to enable such individual to make payments under a plan under Chapter 13 Bankruptcy." is considered to have a regular source of income.

Althoughrepparttar 111966 limits of debt will not apply to most citizens, (the limits are extremely high), it is noteworthy to knowrepparttar 111967 figures. The amounts of debt are different every year. The amount is based on and subject torepparttar 111968 inflation adjustment provided inrepparttar 111969 Bankruptcy Code. Consulting an attorney isrepparttar 111970 best way to know if you are eligible for Chapter 13 bankruptcy.

If you meet all ofrepparttar 111971 requirements listed above and you are tired ofrepparttar 111972 daily harassment from creditors Chapter 13 may berepparttar 111973 answer.



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The 5 Secrets to Getting Out of Debt Fast

Written by Rob Sallay


Continued from page 1

4. Start Communicating If you’re like many consumers with outstanding debts,repparttar last person you think about speaking with isrepparttar 111957 creditor—the company you’ve been avoiding at all costs.

“Not contacting your debt creditors to discuss and develop a plan for paying, settling or reducingrepparttar 111958 principal amount and/or interest onrepparttar 111959 debt” is one ofrepparttar 111960 worst mistakes you can make, says financial expert Ivan Gelfand, president and CEO of Pepper Pike, Ohio-based Ivan Gelfand, Inc., and author of “Your Money, Your Future” (to be published in April).

He also recommends contacting relatives or friends for temporary assistance in reducing debt and making payments, which will lower your outstanding debts’ interest rate. 5. Conquer Denial—Today! Many consumers who recognize—and even acceptrepparttar 111961 fact—that they have a spending addiction refuse to address their problems, according to Stroh.

“Budgeting is not fun,” he says, “but dealing with creditors is even less fun. Many people will therefore bury their heads inrepparttar 111962 sand, hoping their problems will go away. Unfortunately, outside of winningrepparttar 111963 lottery or getting a windfall inheritance from a long-lost uncle, budgeting and consulting with a professional counselor arerepparttar 111964 only ways to successfully resolve financial problems.”

--------- Fox Symes assists all Australians discoverrepparttar 111965 truth about their debts and how they can rapidly reduce them. There are methods available torepparttar 111966 Australian public and you can discover how to use these to assist you in reducing your debt with a free phone consultation from Fox Symes. Visit http://www.foxsymes.com.au or contact them directly on 1300 361 204.



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