Federal and State Exemptions under Chapter 13 Bankruptcy in Raleigh

Learn the different state and federal bankruptcy exemptions you can file for under Chapter 13 bankruptcy in Raleigh. Read more..

Why Filing for Chapter 13 Bankruptcy in Raleigh, NC is Beneficial in the Long Run

When saddled with debt, filing for Chapter 13 bankruptcy in Raleigh, NC can get you started sooner on rebuilding your credit. Read more ..

What to Know and Expect When Filing For Chapter 13 Bankruptcy in Raleigh

If you are high on debt, you can apply for Chapter 13 bankruptcy in Raleigh, depending on your situation. While Chapter 7 bankruptcy is a more common option to eliminate debt, Chapter 13 is just as effective in developing a plan to repay all of your debts.

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Long-Term Financial Benefits of Chapter 13 Bankruptcy in Raleigh

At the most basic level, Chapter 13 bankruptcy in Raleigh involves a payment plan that you will undertake for three to five years, depending on your situation. Some people get discouraged due to the length of the plan, and this can make Chapter 7 a more appealing alternative.

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What to Do If You Can’t Keep Up with Your Chapter 13 Bankruptcy Repayment Plan

A typical Chapter 13 bankruptcy case may last anywhere from three to five years. A lot can happen during that time, and you may find yourself defaulting or no longer able to keep up with the originally agreed to repayment plan. Some common reasons for this may include increased expenses, emergencies or illness. Fortunately, you don’t have to just sit and wait for your case to be dismissed. Bankruptcy laws allow people to seek out other options to save their bankruptcy and obtain a discharge. With help from an our experienced professionals at Weik Bankruptcy Attorney in Raleigh, below are some legal actions you can take.

Amend the Plan or File a Motion to Modify

When you file for bankruptcy, a proposed repayment plan is one of the essential documents included in the packet you send to the court. The plan usually stays in a temporary probationary period until the court, your creditors and the trustee can review them. Read more from this article: http://bit.ly/2H5ns9i.

Raleigh Chapter 13 Bankruptcy: Lien Stripping and How It Helps You

Chapter 13 bankruptcy has a process called ‘lien stripping’ that may allow certain homeowners to get rid of a second mortgage or home equity line of credit. Lien stripping requires a separate motion with the court. The basic process is as follows, which should be completed with the help of your Raleigh, NC bankruptcy lawyer:

1. File Chapter 13 bankruptcy.
2. File a motion or other written legal request to explain why the second mortgage from your house should be removed.
3. Give creditors proper notice.
4. Once the motion is approved, prepare and submit the order to be signed by the judge.

An approved ‘lien stripping’ order directs your second mortgage creditor to strip their claim from your home and the mortgage company must leave you alone until your case is discharged. As you can imagine, this can provide some great relief to a debt problem. Read more from this blog: http://bit.ly/2oKkCjB