Recently in Chapter 13 Bankruptcy Category

In a Chapter 13 bankruptcy, you don't fork over any property. Instead, you make a structured repayment plan. But can you modify this plan?

Ideally, you'll pay off your debts in three to five years, and be on your way. But certain situations can crop up that throw a wrench into your repayment plan. Fortunately, there are ways to accommodate such circumstances.

Here are five potential ways to modify your Chapter 13 bankruptcy plan:

Many people don't fully understand what the word bankruptcy really means. When they think of someone who is bankrupt, they imagine someone in a poor house with nothing but the clothes on their back.

But did you know that in many cases, bankrupt individuals go on to live the same lives they were already living?

Do you really know what bankruptcy is all about?

If you're thinking about filing for bankruptcy, you might not know where to start. The process seems scary at first and at the end of the day, it's a legal proceeding.

That means that there will be many things to think about and many things to learn before you take the plunge.

If you're contemplating filing for bankruptcy, here are three steps you should take immediately:

If you're contemplating bankruptcy but don't meet the income cutoff for a Chapter 7 filing, a Chapter 13 bankruptcy might be your best option.

It's actually a very good option for many people in debt. Chapter 13 a reorganizational bankruptcy that allows you to hold on to your assets while presenting a payment plan to pay off your debts.

For many people, it's a win-win situation. You keep what you own, you emerge debt-free, and you pay pennies on the dollar for each debt.

Bankruptcy sounds like a complicated concept. If you're thinking of filing for bankruptcy, the whole legal complexity of it might be enough to turn you away from the idea.

In reality, however, bankruptcy isn't as complicated as it seems.

Here are the general differences between a Chapter 7 and a Chapter 13 bankruptcy:

Bankruptcy sounds very scary, but actually it's not the worst thing ever.

In fact, many people who declare bankruptcy are happy they did so, as it gives them a fresh slate and a chance to move on.

But how does one move on after a bankruptcy? A bankruptcy still isn't as easy as one would imagine.

Here are the five best ways to move on after declaring bankruptcy:

With the economy still on the mend, many Americans turned to bankruptcy this year for a fresh start. Celebrities and the wealthy were no exception. Everyone from NFL athletes to the Octomom hit hard times this year and looked to bankruptcy for help.

So without further ado, here are our Top 5 individual bankruptcy cases of 2012:

Earlier in the week, we reported that gymnast Gabby Douglas's mom, Natalie Hawkins, filed for bankruptcy prior to the London Olympics. However, Douglas isn't the only medalist whose parents are facing financial woes.

Swimmer Ryan Lochte's parents, Steven and Ileana Lochte, are behind on their mortgage payments and facing foreclosure. It's probably not a coincidence that two of the biggest stars at the London Olympics also happen to have parents with serious money problems, U.S. News reports. But what's behind phenomenon?

Things have really turned around for gymnast Gabby Douglas and her mom, Natalie Hawkins. After winning gold medals in both the individual and team all-around competitions, Douglas is sure to pick up some lucrative endorsement deals.

Before all that, however, Douglas' mom filed for Chapter 13 bankruptcy, TMZ reports. Chapter 13 is a form of bankruptcy that allows the debtor to set up a repayment plan to gradually eliminate his or her debt. With the earnings Douglas is bound to make after the Olympics, Hawkins probably won't have any problems making her monthly bankruptcy payments.

An astonishing ten percent of national bank consumers switched from one bank to another financial institution, reports The Los Angeles Times. This number speaks to the effectiveness of the bank switching movement.

The reason behind the bank switching movement has mostly to do with bank fees. It used to be that the primary reason people switched banks was because of personal reasons; but the fees are the main reason now.

One big push in the switching movement was the "Bank Transfer Day" which took place last November.