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Chapter 13

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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Thursday, July 14, 2016

Unsecured Creditor Barred From Making Late Claim


Can a creditor in a chapter 13 bankruptcy case file a claim late due to ‘excusable neglect’?

In order for a creditor to have a valid interest in a bankruptcy case, they must file a claim with the Bankruptcy Court. The filing of a claim is subject to strict time limitations. Although the Bankruptcy Court may allow for the late filing of a claim under certain circumstances this does not mean that they must do so in every case. A case coming out of the Sixth Circuit is a good example of this.

Debtors filed for Chapter 13 bankruptcy in 2014 seeking to reorganize their debt and make payments according to an approved plan.


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Monday, March 28, 2016

Ohio Gets Millions for Hardest Hit Fund

What is being done about the wave of mortgage foreclosures in Ohio? 

The U.S. Department of Treasury recently announced that Ohio will be provided with another $96.6 million under the "Hardest Hit Fund," a federal program designed to help states recover from the foreclosure debacle stemming from the Great Recession. The state is eligible for an additional $250 million in taxpayer funds to bulldoze houses and fight housing blight.  

What is a mortgage foreclosure? 

A foreclosure occurs when a homeowner fails to make full principal and interest payments on a mortgage. A borrower who misses a payment and does not pay it within one month is in "default." After the lender notifies the borrower that the payment must be made in full, and the mortgage remains delinquent after 3 to 6 months, the lender can initiate a foreclosure proceeding. At that point, the lender can evict the homeowner, seize the property and sell it at a public auction. 

The Housing Blight in Ohio 

The additional funds from the Hardest Hit Fund will enable Ohio and other states to clean up the mess from the housing market collapse by demolishing abandoned homes in depressed towns across the state, including 158 vacant apartment buildings in East Cleveland. Ohio previously received $570 million for not only blight removal, but also foreclosure prevention programs. 

The money is used by the state, cities and nonprofit groups in Ohio to counsel or provide financial relief to homeowners who are facing foreclosure, and to tear down abandoned homes. The vacant property is then turned into green space or sold for new development. As homeowners defaulted on their mortgages and walked away from their homes, banks and other lenders were unable to sell many properties in foreclosure auctions. Lawmakers believe the additional funding will help Ohioans recover from the lingering devastation of the financial crisis. 

The White House has employed a number of tools to help Americans who were swept up in the recession and the housing downturn and views the Hardest Hit Fund as a program that will strengthen the housing recovery. Whether there has been a recovery in the housing market so far is arguable, but abandoned and blighted homes certainly have a ripple effect on the values of other homes in the neighborhood. 

Can I save my home by filing for bankruptcy? 

A Chapter 13 Bankruptcy petition may enable you to set up a plan to pay the mortgage payments that are in arrears. The homeowner and lender can agree to a time period for the repayments to be made, but the delinquent payments must be made simultaneously with the current payments. Provided that all of the required payments are made according to the repayment plan, you can avoid foreclosure. If you are having trouble making your mortgage payments, you should consult with a bankruptcy attorney to explore your options. 


Thursday, December 31, 2015

How Bankruptcy Can Help 'Stay' Certain Debts

Is it true that bankruptcy can stop the foreclosure process?


When it comes to consumer bankruptcy, there are more benefits to the Chapter 13 bankruptcy process than eliminating defaults and discharging unwanted debts. Under the rules of Chapter 13 bankruptcy protection, the filing of a petition opts to “stay” -- or, delay – the home foreclosure process, as well as halt the collections measures on any other secured or unsecured debts in place at the time of filing.

Under the rules, Chapter 13 debtors can enjoy an “automatic stay” of debt collections, which will temporarily put a stop to the unrelenting phone calls, letters and harassment techniques of unscrupulous debt collectors. In the context of foreclosure, this can be a much-welcomed relief for those who are struggling to make ends meet -- and fear losing their homes as a result.

Of course, Chapter 13 will not automatically relieve a debtor of his or her obligations under a promissory note and mortgage because these documents remain in place to govern the terms of the loan and encumbrance. Filing the bankruptcy petition, however, essentially “buys time” for the harried homeowner. In essence, the bankruptcy process is designed to help wipe the slate clean for overburdened debtors, which could help free up enough monthly income to resume mortgage payments and stay on the road to financial peace.

In some instances, bankruptcy can eliminate certain junior liens and mortgages in place on a property, such as a home-equity line of credit (HELOC) or similar encumbrance. As well, many unsecured debts such as credit cards or unsecured personal loans will be discharged, creating a much brighter financial future for the Chapter 13 bankruptcy debtor.

If the automatic stay seems like a viable, desirable option for you in light of your current financial situation, you should contact a highly competent bankruptcy attorney.

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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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