🌵Do you live in Arizona 🌵? I can file your Chapter 7 bankruptcy for 🔥 $0 DOWN and then low monthly payments 🔥. I offer FREE bankruptcy consultations to Arizona residents - 📞Call now (480) 420-4028.
Chapter13 isn’t as scary as this guy makes it seem. Find a local attorney bankruptcy laws vary from state to state. Chapter 13 looks more favorable to lenders in the future and it stays in your credit only 7 years from date of filing. So if you do the 3 year plan or 5 you have just 4 or 2 years to go before your credit report is wiped clean. But if you own a house or car 13 is the best option. And the time you have to live on a budget helps you to adjust and live within your means.
I agree 100%. A lot of people try to scare people away from bankruptcy, and while it is true that Chapter 13 plans have a relatively low success rate (around 1/3 of cases), people don't talk about the various reasons why that is so, including the fact that lawyers at times steer low-income bankrupts into Chapter 13 plans that are more expensive than Chapter 7 proceedings because they can essentially be financed though they are more expensive in the long run (a racist and predatory practice), the fact that many people who go through bankruptcy don't earn a living wage and/or have issues of personal instability that are related to financial problems, etc. And finally, people that try to steer people away from bankruptcy don't discuss how often alternatives fail as well. For example, we know the success rate of Chapter 13 plans is in the mid 30% range, but how often do debt management plans work? How often do debt consolidations do anything other than bring more debt and more problems to those who resort to them? How often does the "debt snowball method" work???
I tried the snowball way, it wasn't until later I found out if the cards interest rate was to high it will never work. Bankruptcy was not a option. After 3 months using this method I was gaining little ground. I started with debt settlement after talking to several people in the field.
Hello Mr. Skiba, I love your videos. I went to your website, but it does not appear to be established. How can I get in touch with you to go over some options? Thank you
Will a Chapter 13 trustee allow for 401k contributions or monthly savings at a bank? What if you are 3 years into a 5 year plan and you have an unexpectant expense like a big car repair bill, and it falls outside the court-approved budget plan? Will the trustee make allowances for that? Thank you for all these great videos! I've learned a lot.
You cannot have a savings. All extra income goes to your Trustee. If you have a 401k that is an asset the trustee could and most likely would liquidate. If there's a large expense you'd have to talk to your attorney about options. In some situations the court will allow you to miss a few payments but the time will be added to the end of your discharge. So it really just pauses your case. If it becomes too much of a struggle the Trustee could then file a motion to turn your case into a.chapter 7 and force you to liquidate all unprotected assets. If you have a simple chapter 7 you can file it on your own. Chapter 13 needs a good, established attorney.
Jay, you can research the law on your and find your own answers. Dal V is not telling the truth. I don't know if he is intentionally lying, but he is giving misinformation. The amount you are allowed is determined by the IRS's National Standards. No property is seized as Dal V is saying. That's 100% false. Chapter 13 is a personal debt reorganization bankruptcy. The same assets that are protected under Chapter 7 liquidation proceedings are protected under Chapter 13 and payments are made out of a person's future income. Again, the amount of income a person is allowed is determined by the National Standards, which are somewhat generous under Chapter 13 bankruptcy. If you can afford to save money that is otherwise allowed to be spent on housing, your vehicle expenses, food, etc, then you can and should save it. Do your own research. Look the information up on your own and if it looks like an appropriate choice for you, go to an attorney and file.
I have seen a couple of your comments and it seems like you could benefit from my online courses. They are very helpful! Here is the link! consumer-warrior-project.thinkific.com Best of luck!
Literally take a min wage job for a month and file chap 7. Then get your normal job again after its final. Chap 13 is an absolute travesty and almost 80% fail.
🌵Do you live in Arizona 🌵? I can file your Chapter 7 bankruptcy for 🔥 $0 DOWN and then low monthly payments 🔥. I offer FREE bankruptcy consultations to Arizona residents - 📞Call now (480) 420-4028.
Chapter13 isn’t as scary as this guy makes it seem. Find a local attorney bankruptcy laws vary from state to state. Chapter 13 looks more favorable to lenders in the future and it stays in your credit only 7 years from date of filing. So if you do the 3 year plan or 5 you have just 4 or 2 years to go before your credit report is wiped clean. But if you own a house or car 13 is the best option. And the time you have to live on a budget helps you to adjust and live within your means.
Thanku. Love this explanation
I agree 100%. A lot of people try to scare people away from bankruptcy, and while it is true that Chapter 13 plans have a relatively low success rate (around 1/3 of cases), people don't talk about the various reasons why that is so, including the fact that lawyers at times steer low-income bankrupts into Chapter 13 plans that are more expensive than Chapter 7 proceedings because they can essentially be financed though they are more expensive in the long run (a racist and predatory practice), the fact that many people who go through bankruptcy don't earn a living wage and/or have issues of personal instability that are related to financial problems, etc. And finally, people that try to steer people away from bankruptcy don't discuss how often alternatives fail as well. For example, we know the success rate of Chapter 13 plans is in the mid 30% range, but how often do debt management plans work? How often do debt consolidations do anything other than bring more debt and more problems to those who resort to them? How often does the "debt snowball method" work???
It 100% is terrible. You have no idea what your talking about.
I tried the snowball way, it wasn't until later I found out if the cards interest rate was to high it will never work. Bankruptcy was not a option. After 3 months using this method I was gaining little ground. I started with debt settlement after talking to several people in the field.
Hello Mr. Skiba, I love your videos. I went to your website, but it does not appear to be established. How can I get in touch with you to go over some options? Thank you
Will a Chapter 13 trustee allow for 401k contributions or monthly savings at a bank? What if you are 3 years into a 5 year plan and you have an unexpectant expense like a big car repair bill, and it falls outside the court-approved budget plan? Will the trustee make allowances for that?
Thank you for all these great videos! I've learned a lot.
You cannot have a savings. All extra income goes to your Trustee. If you have a 401k that is an asset the trustee could and most likely would liquidate. If there's a large expense you'd have to talk to your attorney about options. In some situations the court will allow you to miss a few payments but the time will be added to the end of your discharge. So it really just pauses your case. If it becomes too much of a struggle the Trustee could then file a motion to turn your case into a.chapter 7 and force you to liquidate all unprotected assets. If you have a simple chapter 7 you can file it on your own. Chapter 13 needs a good, established attorney.
@@DalV the trustee cannot go after you 401k, as it is protected.
@@travis3889 only if it's an ERISA-qualified account. But you can't make large contributions to protect income during BK.
Jay, you can research the law on your and find your own answers. Dal V is not telling the truth. I don't know if he is intentionally lying, but he is giving misinformation.
The amount you are allowed is determined by the IRS's National Standards. No property is seized as Dal V is saying. That's 100% false. Chapter 13 is a personal debt reorganization bankruptcy. The same assets that are protected under Chapter 7 liquidation proceedings are protected under Chapter 13 and payments are made out of a person's future income.
Again, the amount of income a person is allowed is determined by the National Standards, which are somewhat generous under Chapter 13 bankruptcy. If you can afford to save money that is otherwise allowed to be spent on housing, your vehicle expenses, food, etc, then you can and should save it.
Do your own research. Look the information up on your own and if it looks like an appropriate choice for you, go to an attorney and file.
what's disposible????? i don't get it. groceries? supplements? gas??????? clothes? moisturizer?
I have seen a couple of your comments and it seems like you could benefit from my online courses. They are very helpful! Here is the link! consumer-warrior-project.thinkific.com Best of luck!
i appreciate you know and present Dave Ramsey's and that you present it.
Thanks!
Literally take a min wage job for a month and file chap 7. Then get your normal job again after its final. Chap 13 is an absolute travesty and almost 80% fail.