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It’s also worth monitoring your credit score regularly for any signs of potential identity theft or other issues. If you notice loan applications, inaccurate account statuses, or unrelated civil suits or judgments, those are serious red flags–get with your trusted bankruptcy attorney to investigate further and help you to correct those mistakes. The sooner these problems are resolved, the better your credit score will be, both short-term and especially in the long run.
Chapter 13 is a form of bankruptcy that allows for adjustment of debts for an individual with regular income. A debtor can keep property and work out a plan to pay off debts over time. After the obligatory repayment period, remaining debts are often discharged, giving the debtor a clean slate to begin rebuilding financial stability. Like chapter 11, chapter 13 bankruptcy requires that the petitioner submit a reorganization plan to the court, but unlike chapter 7, assets can be retained.
Foreclosure
AUTOMATIC STAY. As is the case with other bankruptcy chapters, an automatic stay goes into effect once the petition is filed. Creditors are then prohibited from pursuing the debtor for payments, evictions or foreclosures, a collections trial, bank levies, property seizures, and other collection processes. An automatic stay provides the debtor with breathing room and allows time for a dischargement plan to be devised.