Archives for August 2014

This video talks about the percentage that is paid back to creditors in a Chapter 13 bankruptcy case.  It will vary depending upon the assets, liabilities, income and expenses of a debtor.  Each case is particular to the facts of that case. Jesse Barrientes: What kind of percentage do you pay back in a Chapter 13 consolidation? David Siegel: It’s going to depend on a number of factors including your assets, your liabilities, your income, and your expenses. And whether or not you filed a Chapter 13 and got a discharge or a Chapter 7 in the last several years. In most cases is going to be the difference between your income and your expenses which is known as your disposable income. So + Click Here For Read More

The video below talks about the automatic stay in a Chapter 13 bankruptcy case.  This is basically the protection from creditors that the filer is seeking. What is the Chapter – rather what is the automatic stay and is applicable in a Chapter 13? I know we talked of one of our other shows with respect to Chapter 7. We talked about the automatic stay. But is it applicable here, to Chapter 13 as well? David Siegel: It is. The automatic stay is what you get upon filing which basically tells creditors they cannot take certain collection actions. The automatic stay is everything the client is looking for. It stops the foreclosure dead in its tracks. As long as the sheriff’s sale hasn’t + Click Here For Read More

This video discusses the pre-filing requirements for someone looking to file Chapter 13 bankruptcy.  They are similar, but not exactly the same as the requirements for filing Chapter 7 bankruptcy. What are the prefiling requirements for Chapter 13? David Siegel: Well, the first thing you have to do for Chapter 13, you have to provide your most recent federal, four years of federal tax returns. Jesse Barrientes: Four years? Why four years? David Siegel: Well, legislature felt that under Chapter 13, you should have to provide four. That’s not the case with other Chapters of the Bankruptcy Code but Chapter 13 is different. They want four years of federal tax returns. So if you have + Click Here For Read More

This video talks about under what circumstances someone would want to file for Chapter 13 bankruptcy.  Each case is different and each case needs the be evaluated to ensure that filing is going to accomplish the requested goal of financial relief. David Siegel: When would somebody want to file a Chapter 13? Jesse Barrientes: Well, to save a car or to save the house in arrears. We have a lot of mortgage issues going on. Sometimes people just need to kind to get a foothold on things. Maybe they haven’t been the best at managing their money and I find that there’s a lot of people – it really doesn’t matter. I’ve seen people that come in of all different types of income levels and have + Click Here For Read More

The video below describes how Chapter 13 works.  This is just the starting point to what Chapter 13 can accomplish for those with financial issues. David Siegel: Okay, so what happens in a Chapter 13? How does it work? Jesse Barrientes: Well, in a Chapter 13, what happens is all of your assets kind of just go in one place. That’s what you call your estate. And depending upon what those assets are, the bankruptcy trustee kind of makes or pays off the secured and unsecured. With the Chapter 13, you have to be able to pay off 100% of your secured debt and as little as 10% all the way up to 100% of your unsecured debt within 36 or 60 months. So three or five years, that’s what they call + Click Here For Read More

The transcription below is from the Chapter 13 video explanation the general nature of what Chapter 13 bankruptcy is all about. David Siegel: You know, whether things are rolling in this country or whether they’re going downhill, there’s always a need for the Chapter 13, the reorganization, to find a way to pay back and get a fresh start to a certain extent. Let’s jump right in. What is Chapter 13 bankruptcy? Jesse Barrientes: Chapter 13 is a consolidation essentially is what it is. I also want to mention, there are a lot of companies that provide consolidation services, so-called. And my experience with them hasn’t been so good only because Chapter 13, right, is sanctioned by federal + Click Here For Read More