Category Archives: Chapter 13 Bankruptcy
Is It Possible to Buy a Home During Chapter 13 Bankruptcy?
If you’re navigating the complexities of Chapter 13 bankruptcy, you might wonder if it’s possible to achieve major financial milestones, like buying a new home, during this period. It’s a common misconception that bankruptcy completely halts your financial progress, but this isn’t entirely accurate. Under certain conditions, purchasing a home while in Chapter 13… Read More »
Using Chapter 13 Bankruptcy to Catch Up on Second Mortgage Payments Over Time
Financial difficulties can happen to anyone, and when your home is at stake, the stress can feel overwhelming. Falling behind on mortgage payments, especially a second mortgage, can quickly escalate into fears of foreclosure and the potential loss of your home. Thankfully, Chapter 13 bankruptcy provides a viable pathway to address these concerns effectively…. Read More »
Hidden Tax Deductions in Chapter 13 Bankruptcy: Don’t Leave Money on the Table
Tax season can be stressful under the best of circumstances—but if you’re in a Chapter 13 bankruptcy, it can feel even more confusing. Amid all the forms and financial records, there’s a little-known silver lining: some of your Chapter 13 plan payments may be tax-deductible. Unfortunately, many people—and even some tax professionals—overlook these potential… Read More »
Bankruptcy News and Update: Ninth Circuit Ruling on Erickson’s Bankruptcy Case and Key Takeaways
The Ninth Circuit Court of Appeals affirmed the dismissal of John Earl Erickson’s bankruptcy petition and imposed a two-year bar on refiling, following a series of legal proceedings. Here’s an overview of the court’s key findings and its implications: Background: Repeated Bankruptcy Filings The bankruptcy court found evidence of bad faith due to Erickson’s… Read More »
Chapter 13 Debt Limit Increases with New Law
The Chapter 13 debt limit was raised to $2.75 million on June 21, when President Joe Biden signed the Bankruptcy Threshold Adjustment and Technical Corrections Act into law. Previously, the debt limit to file for Chapter 13 was $1,257,850 in secured debt and less than $394,725 in unsecured debt. The new limit is not… Read More »