Chapter 13 bankruptcy allows debtors with a source of income to discharge many types of debts. In a Chapter 13 bankruptcy, your debts are consolidated into a repayment program that is paid back over three to five years. The Trustee then distributes these payments to your creditors. However, it is crucial that you make your payments to the Trustee on time to reap the advantages of a Chapter 13 bankruptcy. One way to do this is with a wage order. There are multiple benefits to a Chapter 13 bankruptcy. For instance, you could stop the foreclosure process on your home and become current on delinquent mortgage payments. You might also be able to strip a second mortgage. How Your Wage Order is Helping You Complete Your Bankruptcy With a wage order, the bankruptcy court requires your employer to submit your Chapter 13 payments from your pay check. Wage orders make Chapter…
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Most of us have monthly payments on credit cards, rent, mortgages, student loans or vehicles. When you lose your job, you may be suddenly unable to afford these payments. This is especially true if you cannot access unemployment benefits or lack an emergency savings fund. You could face consequences for defaulting on your debt obligations. Lower credit scores, property seizures and wage garnishments are three possible outcomes of a debt default. Depending on your individual circumstances, you may benefit by filing for bankruptcy after a job loss. Bankruptcy can help with the following: 1. Stopping creditor collection actions. Bankruptcy’s automatic stay can stop most creditor collection actions. For instance, the automatic stay may stop wage garnishments or property seizures. The automatic stay may stop new lawsuits from being filed against you 2. Discharging certain debts. You may discharge certain debts after filing for bankruptcy. Bankruptcy could allow you to discharge…
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If you’re considering bankruptcy, you probably never imagined yourself in this position. Depending on your personality, you might feel embarrassed, stressed, or uncertain. It can even make you question what “kind” of person you are. While it’s natural for the bankruptcy process to have an impact on your emotions, don’t let it cause an identity crisis. You can be doing everything right, and still find yourself financially upside down. In fact, some of the most successful people in history have been exactly where you are today. Abraham Lincoln, Walt Disney and Henry Ford are on the list of formerly-bankrupt Americans. And like you, they probably experienced some of the emotions that are typical of each of the steps of the bankruptcy process. The consultation We’re not here to judge you. More than anyone else on the planet, we attorneys know that many people filing for bankruptcy are stuck in that…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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