Vance P. Truman, Attorney at Law
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chapter 13 Archives

Chapter 13 bankruptcy often chosen for longer payment plans

Bankruptcy is sometimes a hard word to hear, but it can be a new beginning after difficulty with debt. Despite the importance of understanding bankruptcy, many myths persist about it that can damage someone's chances of learning how to manage extreme debt.

New Ohio bankruptcy ruling complicates mortgage modifications

Debt is never easy to deal with, and bankruptcy is designed to make excessive debt possible to recover from. The two main types of personal bankruptcy, Chapter 7 and Chapter 13, allow for people to maintain some assets during the recovery process or allow a trustee to sell assets off and settle debts.

Debt settlement may be worse than bankruptcy

Bankruptcy is often a misunderstood concept, especially since those who face it are likely to be frightened and confused by the situation they are in. A lack of understanding about the details of types of bankruptcy can lead people to make rash decisions and end up spending more time and money on the road to financial health.

Bankruptcy filings on the rise in northern Ohio

Bankruptcy filings in northern Ohio are on the rise this year after seven years in decline. Individuals and families looking for a fresh financial start in the region have increased in four of the last seven months, with June and July 2017 showing troubling double-digit increases on previous year-on-year periods.

Can you invest money while making Chapter 13 payments?

You file for Chapter 13 bankruptcy and get a five-year repayment plan. It's based around your current income and your budget basically allocates everything that you have toward paying your necessary expenses or paying into that repayment plan. You don't worry about investing because you just want to eliminate that debt.

Chapter 13 bankruptcy's key benefits

Chapter 7 bankruptcy discharges your debt, while Chapter 13 bankruptcy creates a repayment plan. So, if you're weighing your two options -- assuming you're eligible, as some people are only eligible for one and not the other -- why would you choose Chapter 13?

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