I was just reading about a Chapter 13 and found an article about a Hardship Discharge. The article also talks about being able to convert your Chapter 13 into a Chapter 7 - Which is what I want to do. I can't file for a Chapter 7 until 12/2023, because of my 2015 filing. But I could file for a Chapter 13, in order to get the protection, then get a Hardship Discharge or convert it to a Chapter 7 once my time to file comes up. However, with being on Disability, I've been told by my states Free Legal Aid that I don't quality for a Chapter 13, because my incomes too low, which makes no sense at all. Can you elaborate more on this for me please?
Chapter 13 requires a monthly payment to the bankruptcy trustee. It is calculated after your typical household expenses are met. A fixed, or low income, could mean the inability to calculate or meet the monthly payment. This has prevented many people from filing chapter 13.
Will filling for bankruptcy either chapter 7 or 13 help get my Commercial Mortgage out of Default ? I own a 6 unit apt building in North Long Beach, CA
You will want to talk with an experienced bankruptcy attorney in your area. You can find some to do a free consult with through the National Association of Consumer Advocates.
How is the income evaluated for a Chapter 7 in terms of if you have a sub chapter S corp. Is the gross income of the company applied to your income? Is withdrawals from your IRA considered in the income formula? Thank you!
There will be varying reasons, but a big one is that you often do not pay the amount back in chapter 13. You may only end up paying 60% back, or even less.
thx for all your vids
I was just reading about a Chapter 13 and found an article about a Hardship Discharge. The article also talks about being able to convert your Chapter 13 into a Chapter 7 - Which is what I want to do. I can't file for a Chapter 7 until 12/2023, because of my 2015 filing. But I could file for a Chapter 13, in order to get the protection, then get a Hardship Discharge or convert it to a Chapter 7 once my time to file comes up. However, with being on Disability, I've been told by my states Free Legal Aid that I don't quality for a Chapter 13, because my incomes too low, which makes no sense at all. Can you elaborate more on this for me please?
Chapter 13 requires a monthly payment to the bankruptcy trustee. It is calculated after your typical household expenses are met. A fixed, or low income, could mean the inability to calculate or meet the monthly payment. This has prevented many people from filing chapter 13.
Will filling for bankruptcy either chapter 7 or 13 help get my Commercial Mortgage out of Default ? I own a 6 unit apt building in North Long Beach, CA
I would talk to a local bankruptcy attorney about chapter 13 or chapter 11.
Do you handle cases in AZ?
You will want to talk with an experienced bankruptcy attorney in your area. You can find some to do a free consult with through the National Association of Consumer Advocates.
Can I exempt two cars in CA?
Talk to an experienced bankruptcy attorney in your area about your particular situation.
How is the income evaluated for a Chapter 7 in terms of if you have a sub chapter S corp. Is the gross income of the company applied to your income? Is withdrawals from your IRA considered in the income formula? Thank you!
You will definitely want to talk with a bankruptcy attorney in your area about those questions.
Why would someone decide to file for charter 13 over just doing a debt consolidation? Since you’re paying the balances back anyway?
There will be varying reasons, but a big one is that you often do not pay the amount back in chapter 13. You may only end up paying 60% back, or even less.