Need advice on chapter 13 bankruptcy!
An attorney has advised us to file Chapter 13 bankruptcy due to job
lay-offs and huge medical bills, etc.
I would like to hear from others who have filed Chapter 13 in the past
and who are willing to answer a
few questions. For instance, what is life like after you file? Do they
let you keep enough of your income
so you feel like you are getting some quality out of life? Do they take
your income tax refunds? What if
you get a raise, do they raise the amount you have to pay your
creditors if you get a raise? Can you put
away money to go on a vacation? Any advice would be greatly
appreciated.
I represent debtors in Chapter 13 proceedings. Chapter 13 practice is fairly
locality and trustee-specific; how individual trustees handle their cases is
probably the biggest factor in determining how your questions will be
answered. Your best bet is to ask them of a local bankruptcy attorney who
files a lot of Chapter 13 cases.
Generally, increases in income post-confirmation are yours to do with as you
see fit.
Not really. Two years post-discharge, most lenders will treat a debtor with
good post-filing credit pretty much the same as a non-filing applicant with
so-so credit.