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Chapter 13

Tuesday, November 3, 2020

What Are the Advantages (and Disadvantages) of Chapter 13 Bankruptcy?


It can be very difficult deciding on whether or not you should declare bankruptcy. There are many significant advantages to filing bankruptcy and it gives many people a fresh financial start that would otherwise not have been within reach. It is not, however, without its disadvantages. The disadvantages of bankruptcy can vary depending on what type of bankruptcy is filed. While most individuals seem to want to pursue


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Friday, April 24, 2020

Mortgage Forgiveness During the Coronavirus Pandemic


Will I face foreclosure if I cannot pay my mortgage during the COVID-19 shut down?

In a desperate attempt to slow the spread of the coronavirus, entire cities and states have issued mandatory stay at home orders, which require anyone who does not work in an essential industry to stay home besides essential travels. Currently, nine out of ten Americans are under a stay at home order, totaling some 306 million Americans. The result has been millions of Americans out-of-work. Entire industries have been shut down and decimated by the country’s efforts to flatten the curve. Thus far, nearly ten million people have filed for unemployment.
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Thursday, March 19, 2020

Halting Your Foreclosure with Chapter 13 Bankruptcy


How can I delay or stop the bank from foreclosing on my home by filing for bankruptcy?

If you have fallen behind on your mortgage payments, you may be at-risk of losing your home through foreclosure. Each year, one in every 200 homes are foreclosed on, according to the Mortgage Bankers Association. Foreclosure can be a daunting prospect and those facing it may be desperately looking for a way to halt the process. Bankruptcy is one such option. Filing for either Chapter 7 or Chapter 13 bankruptcy can put a temporary halt to the process, while Chapter 13 bankruptcy may even allow you to save your home permanently.
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Friday, February 15, 2019

Creating a Chapter 13 Plan You Can Live With


How much should I budget per month to cover my expenses and my repayment plan?

Chapter 13 bankruptcy can provide qualifying debtors with the relief they seek through bankruptcy, will still allowing them to maintain their home, car, and other assets.  Chapter 13 is often referred to as the “reorganization” chapter because it focuses on reorganizing your debts, as opposed to wiping them out, so that they become manageable.  For homeowners and those with assets that exceed the Chapter 7 limits, Chapter 13 can provide the perfect answer.  Chapter 13 files will need to take care when creating their repayment plan so that they develop a plan that they can stick to for several years to come.  Below, our


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Friday, June 15, 2018

Chapter 13 Bankruptcy Repayment Plan

Bankruptcy happens under a wide variety of circumstances. Different types of bankruptcy filings are designed to address some of these varied circumstances. Chapter 13 bankruptcy is generally designed for those individuals who may have higher amounts of disposable income, but still, face overwhelming debt.


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Monday, February 12, 2018

Calculating Your Chapter 13 Repayment Plan

How much will I pay each month under my Chapter 13 repayment plan?

Chapter 13 bankruptcy, commonly referred to as the “reorganization chapter,” allows individuals with a more substantial income to file for bankruptcy in order to repay their debts.  Chapter 13 bankruptcy has the advantage of allowing filers to keep their home and car, while still paying off their debts over a period of three to five years.  One of the first concerns of many potential Chapter 13 filers is how much they will pay monthly during the repayment period.


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Friday, October 6, 2017

Bankruptcy and Your Credit Score

How long will a bankruptcy remain on my credit report?

One of the main concerns of potential bankruptcy filers is the impact that bankruptcy may have on your credit score.  There are numerous misconceptions about bankruptcy and credit reports.  Some people falsely believe that declaring bankruptcy will destroy your credit score for years to come.  The truth is that bankruptcy will undoubtedly affect your credit score, but there are ways to rebuild your credit post-bankruptcy.


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Wednesday, September 27, 2017

Making a Budget and Sticking to It

How can I avoid incurring debt?

If you are working to eliminate your debt, creating a realistic budget and sticking to it will be essential.  Setting a budget can also help you to avoid debt in the first place.  Anyone who is overwhelmed by debt needs to get an accurate picture of their finances by mapping out regular expenses.  Once you have a complete look at your debt load and income, you can better assess whether you can eliminate your debt through budgeting or you need to consider the possibility of filing for Chapter 7...


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Friday, September 22, 2017

Managing Expenses During Your Chapter 13 Bankruptcy


Can I buy a car while in Chapter 13 repayment?

Chapter 13 bankruptcy can offer a way for Americans struggling with debt to obtain a fresh financial start.  In a Chapter 13 bankruptcy, you will commit to a repayment plan that will last between three and five years.  It will be imperative for you to develop a strict budget during repayment so that you can meet your financial obligations.  Even with the best of budgeting, however, unexpected needs will arise.  Those going through Chapter 13 may find themselves wondering whether they can purchase a new car, home, or other large item.
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Thursday, February 16, 2017

Halting Foreclosure Through Bankruptcy


Can filing for Chapter 13 bankruptcy help me to save my home from foreclosure?

Receiving notice of an impending foreclosure is one of the most frightening things a homeowner can experience.  For most families, your home is one of your greatest assets, as well as a beloved sanctuary.  Losing your home would be devastating.  If loan modification has failed and a short sale is not the answer, you may find relief in a


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Sunday, February 12, 2017

Eliminate Your Second Mortgage in Chapter 13 Bankruptcy

Can Chapter 13 bankruptcy help me to get rid of my second mortgage?

Ohio home prices have risen significantly since the housing crisis, but remain lower in most areas than the peaks reached in 2006 and 2007.  The Ohio foreclosure rate is above the national average, with many homeowners underwater or struggling to maintain their mortgage payments.  For the tens of thousands of individuals in Ohio trapped in upside down mortgages, Chapter 13 bankruptcy may offer relief.


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Bankruptcy Law News
Miami Valley Bankruptcy, Brian Lusardi, Esq., assists clients with Bankruptcy matters including but not limited to: Common Myths, Cost of Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, The New Bankruptcy Law and Personal Bankruptcy in Xenia, Ohio, and the cities of: Wilberforce, Alpha, Spring Valley, Dayton, Bellbrook, Yellow Springs, Cedarville, Fairborn and Clifton; and the counties of Greene and Montgomery.



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