Four ways bankrupcy could help youChapter 13 Bankruptcy
Chapter 13 is a reorganization bankruptcy designed for debtors with regular income who can pay back at least a portion of their debts through a repayment plan. If you make too much money to qualify for Chapter 7 bankruptcy, you may have no choice but to file a Chapter 13 case. However, many debtors choose to file for Chapter 13 bankruptcy because it offers many benefits that Chapter 7 bankruptcy does not (such as the ability to catch up on missed mortgage payments or strip wholly unsecured junior liens from your house).
In Chapter 13 bankruptcy, you get to keep all of your property (including nonexempt assets). In exchange, you pay back all or a portion of your debts through a repayment plan (the amount you must pay back depends on your income, expenses, and types of debt). For this reason, Chapter 13 is commonly referred to as a reorganization bankruptcy. Typically, Chapter 13 bankruptcy is for debtors who can afford to make monthly payments to get caught up on missed mortgage or car payments or pay off nondischargeable debts such as alimony or child support arrears.
Can credit repair help you in New York to achieve financial stability? Can you remove a bankruptcy on your own?
Like all negative item disputes, it’s entirely possible to complete the process on your own; however, it’s a lengthy and tedious process that doesn’t guarantee results. You can dispute the bankruptcy either by stating an inaccuracy of the information included in your credit report or by asking the credit bureau how it verified your bankruptcy. As with any dispute, they must respond to your procedural request letter within 30 days.
In most cases, they’ll say that they verified it with the courts, but this is unlikely. You must then contact the court to ask how they verified your bankruptcy. If they respond that they never verified it, you should get that statement in writing, send it to the credit bureau, and ask to have the bankruptcy removed. This method isn’t guaranteed but is might be worth trying. Otherwise, enlist the help of a credit repair company to navigate the process for you.
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