Acquiring New Debt in a Chapter 13 Bankruptcy
Bankruptcy law discourages the debtor from incurring any new debt after the filing date, but because Chapter 13 repayment plans last three to five years, it can be difficult to go that long without acquiring any new debt (post-petition debt). So, what happens when debtor wants to or, more often, has to acquire new debt in a Chapter 13 bankruptcy?
Full StoryWhat Can I Do If Chapter 13 Involuntary Dismissal Happens?
A Chapter 13 payment plan lasts between three to five years. However, a lot can happen during that time that could affect your ability to make regularly scheduled payments. If this happens and you are no longer able to make your Chapter 13 monthly payments, the bankruptcy trustee can ask the court to dismiss the case, or a creditor can request relief from the automatic stay and continue collection efforts – Chapter 13 Involuntary Dismissal. However, all is not lost.
Full StoryChapter 13 Bankruptcy: A Lot Can Happen in 3 to 5 Years
When a person files for Chapter 13 bankruptcy, then the automatic stay takes effect, which prohibits all collection activities against the individual. This gives the bankruptcy filer, or “debtor,” some breathing room to devise a Chapter 13 payment plan that typically spans the course of 3 to 5 years. However, a lot can happen in 3 to 5 years: Chapter 13 involuntary dismissal, modifications to the payment plan, a hardship discharge, converting to a Chapter 7 bankruptcy, relief from the automatic stay, and much more.
Full StoryChapter 13 Involuntary Dismissal in Baltimore, Maryland
Chapter 13 involuntary dismissal means that a Chapter 13 bankruptcy case is dismissed by the Court at the request of someone other than the bankruptcy filer. There may be many reasons why a Chapter 13 involuntary dismissal can occur.
Full StoryChapter 7: Asset Case Versus No-Asset Case
As part of every bankruptcy, the filer must list all of their assets, and failure to do so could result in criminal fines and jail time. Therefore, It is important to understand the difference between a Chapter 7 bankruptcy asset case versus no-asset case to protect your property in Chapter 7.
Full StoryThe End of the COVID-19 State of Emergency in Maryland
The end of the COVID-19 state of emergency in Maryland will allow many kinds of collections to start once again, including foreclosures, evictions, repossessions and some garnishments.
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