Understanding the Services of a Chapter 13 Trustee

Among the different types of bankruptcies is a Chapter 13, which is often referred to as a “wage earner’s plan. With this bankruptcy, an individual with regular income is allowed by the court to devise a repayment plan that lasts for a three- to five-year period for some, if not all, of the debt owed. Because of the legalities involved, this person should work with a qualified Utica bankruptcy attorney. If you are facing Chapter 13 bankruptcy, the court will appoint a trustee. During the three to five years, payments are made to creditors based on an approved financial plan. The trustee...

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Should I Hire a Bankruptcy Attorney in Utica?

When facing the risk of losing your home to foreclosure or being completely overwhelmed with debt and unable to pay, you should consider bankruptcy. Of course, the very thought of filing bankruptcy is frightening, and many people feel as if they’ll be viewed as irresponsible if they file.   You should never feel embarrassed or ashamed when filing for bankruptcy. After all, most people who end up hiring a bankruptcy attorney in Utica have been dealt some hard blows. For example, some people have experienced job loss while others have gone through difficult divorces or faced major...

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Gaining Insight into Credit Card Delinquency

What is Credit Card Delinquency? Credit card delinquency is best described as being late on making payments to the credit card company or issuing bank. If you fail to make at least the minimum payment each month, your account becomes delinquent, which is broken down into different degrees based on the actual number of payments that you have missed. For instance, the first day after not making a payment, your credit card account becomes one-day delinquent. Once a second payment is missed, the account then falls into the full 30-day delinquent category, and so on. Simply put, a single missed...

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How Much Does It Cost to File Bankruptcy in Utica?

Utica Bankruptcy Costs Vary When it comes to filing bankruptcy, one concern that many people have is the cost. Keep in mind that based on the exact type of bankruptcy that you file, the cost will vary. In other words, the amount you spend will depend on if you file a Chapter 7 or Chapter 13 bankruptcy. For the cost of bankruptcy, you are responsible for paying filing fees, which typically run about $300. However, under a new law, there is a mandate that you complete a “Credit Counseling” course as well. In addition, you may be required to take a “Debtor Education” course once you file. These...

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