Category Archives: Chapter 13
Tyga bankruptcy case lasts years
Florida music fans may be interested in discovering that rapper Tyga actually filed for bankruptcy in late 2010. According to reports, however, he refused to pay the court-ordered judgments against him until around 2015. In the process, he accumulated no less than $35,000 in interest charges on an original sum of $88,469. Taken together,… Read More »
Understanding bankruptcy in Florida
While some from of bankruptcy has existed since Roman times, the first permanent United States bankruptcy statute wasn’t established until 1898. Debtors’ prisons existed until the 1840s, but the Supreme Court said that such an arrangement violated the Constitution. At first, bankruptcy laws were designed to protect businesses. However, individuals may also find relief… Read More »
When bankruptcy makes sense
For some Florida consumers, bankruptcy is an effective method of debt relief. However, there are steps that need to be taken prior to filing. First, people may want to look at their budgets to get a better idea of their spending habits. If there is nowhere to cut spending to allocate more toward outstanding… Read More »
Can I file for Chapter 13 bankruptcy protection?
Being in debt is a devastating situation that too many people in the U.S. struggle with every day. If you are one of the people who spend your days concerned about unpaid bills and harassing creditors, you should know two very important things: you are not alone and you have options to address your… Read More »
4 things to do to avoid or pay down debt
When faced with debt of any amount, it’s easy to become overwhelmed. In an overwhelmed state, we often fail to take action because no action seems big enough to deal with the problem. With debt, however, the little actions you take can build up to a big solution. Here are four actions you can… Read More »
Why does Chapter 13 take longer than Chapter 7?
Before filing for bankruptcy, it’s important to note that Chapter 13 bankruptcy isn’t as quick as the most common type, which is Chapter 7. With a Chapter 7 filing, if all goes as planned, you could be done in a few months. With a Chapter 13 filing, you may not be done for five… Read More »
Man who filed Chapter 13 sues over continued collector harassment
Once people make the difficult decision to file for bankruptcy, they often feel a sense of relief that they’ve taken some control over their debt situation and will no longer be constantly harassed by debt collectors. Not all collection companies, however, play by the rules. An Illinois man has filed a federal lawsuit against… Read More »
A sudden jackpot doesn’t always solve your problems
When facing severe debt, it’s common for individuals to daydream about a sudden windfall that saves the day. All you need to set things right is a bit of an inheritance or a small lotto win. Concentrating on the possibility of such a windfall — which is an unlikely event — often means individuals… Read More »
Is it OK to have a late payment with Chapter 13 bankruptcy?
You’ve been approved for Chapter 13 bankruptcy, and you’ve even made some payments, but things just don’t work out one month. You don’t have the capital you need to make the payment or you simply forget to make it. Either way, you miss the payment and you’re going to be late. Now what? Generally… Read More »
Should you pay off your Chapter 13 bankruptcy plan early?
Many people choose the Chapter 13 option when they file for bankruptcy. Also known as the “wage earner’s plan,” it usually consists of a three- or five-year repayment schedule. You pay the money to a trustee who then disburses it to your creditors. If you can qualify for it, it’s often preferable to Chapter… Read More »