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Belleville Bankruptcy And Social Security Blog

Chapter 13 bankruptcy may help you retain assets

You're considering both Chapter 7 bankruptcy and Chapter 13 bankruptcy, but you're not sure which one is right for you. If you have assets you want to retain, while it can be done with either one, Chapter 13 may make it easier.

Keep in mind that the biggest difference between the two is that Chapter 13 creates a repayment plan. That plan typically lasts for three to five years. Chapter 7, though, liquidates unneeded assets that are not exempt. It then pays off a portion of the debt with the proceeds and forgives the rest.

Reasons your Social Security Disability benefits may be cut

When President Donald Trump took office back in January, he promised taxpayers that he would significantly reduce the amount of money the United States government pays out for Social Security Disability benefits. By the time July 2017 rolled around, his newly proposed budget reflected a reduction in disability payments by as much as $72 billion.

One healthcare watchdog group, Marketwatch, notes that, in order to amass a cut that deep, it's inevitable that certain retroactive benefits will be cut. They note that it's also likely that more stringent eligibility requirements will have to be met in order for recipients to continue receiving aid. They caution Social Security disability recipients that, if the budget gets passed, as many as a million of them may lose their aid.

An automatic stay might help you enjoy life

When you have debts that are past due, two of the most harrowing things that you might do during the day is check your mail and answer the phone. This is because debt collectors might call you or send you letters. Swimming in debt isn't an easy situation to be in, so you might be ready to find out what you can do about this.

One option that you have is to file for bankruptcy. This comes with some specific benefits that you might find delightful. The automatic stay is one that you might find particularly interesting.

What can your creditor do to seize your car?

You're out of money. You paid the rent, bought food, and kept the lights on, but there's nothing left for that car payment. You missed the first one of your life.

There's a very good chance that this is enough for your creditor to take the vehicle. Be sure you know exactly what the contract stipulates, but a single missed payment may be enough.

3 key facts about Social Security Disability benefits

The reality is that most people don't think about Social Security Disability (SSD) benefits until they need them. It's just not on their radar.

As such, when you are considering applying for benefits, it's important to learn as much as you can about the process. Below are three important facts to get you started.

Debt collection in the digital age

Anyone with unpaid bills knows that debt collectors are ambitious to the point of being intrusive. Whether online, on the phone or through snail mail, they’ll contact you frequently to try to recover funds.

It’s harassing to be on the receiving end of calls and messages when you’re working hard to get yourself out of a tough situation. Whenever the law creates a new consumer protection, debt collectors find a workaround.

The differences between Chapter 7 and Chapter 13

Personal bankruptcy is commonly filed using either Chapter 7 or Chapter 13 bankruptcy. Each type of bankruptcy has its pros and cons, as well as its own guidelines, rules and requirements. Some people may think of bankruptcy filings as being the same, but there are stark and important differences between these two common forms of bankruptcy. Let's take a look at the characteristics of Chapter 7 and Chapter 13 bankruptcy today.

Chapter 7 bankruptcy is most commonly associated with it's signature process -- debt discharge. This process will clear out many of your old debts, though not all of them. For example, student debt is nearly impossible to discharge through any bankruptcy filing. During debt discharge, some of your assets may be liquidated in order to pay off your creditors. But in the long run, a Chapter 7 bankruptcy can help you get back on your feet, financially speaking.