Advantages of Chapter 13 Bankruptcy Chapter 13 bankruptcy offers a debt several advantages over Chapter 7 bankruptcy. Chapter 13 bankruptcy offers individuals an opportunity to save their homes from foreclosure. Debtors can stop foreclosure proceedings and pay off delinquent charges over time. The debtor must also pay current mortgage payments as they become due. Filing for Chapter 13 bankruptcy also offers individuals an opportunity to reschedule their secured debts, and extend them over the lifespan of the Chapter 13 bankruptcy plan. By rescheduling your secured debts, it may help lower the payments, offering you a chance to get back on…
Archive for the ‘Co-Signing Loans’ Category
Before filing for bankruptcy, you’ll want to look at how it’s going to impact your kids. Bankruptcy may impact your children financially, whether they’re young children, teenagers, or off at college. For instance, many parents set up a bank account for their children when they’re born for birthday or holiday money. Banks typically require an adult to be on the bank account with a minor. When you file for bankruptcy, you’ll need to let the bank know about these accounts as well. In Arizona, as long as you can show that you never deposited some of your own money in…
When a close friend or relative asks you to co-sign on a loan, it might be difficult to say no. But before you agree to help that person out, you should know exactly what you’re signing up for. Federal law requires creditors to give you a notice that explains your obligations before you co-sign, but it’s your responsibility to understand it.
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