Chapter 13, or the wage-earner’s plan, is a voluntary repayment plan. When you complete the plan, you have the satisfaction of keeping your assets, paying your creditors and discharging your debts. When filing Chapter 13, you agree to pay approximately 25 percent of your income to the court. The court appoints a trustee to handle […]

Chapter 7 Bankruptcy allows a person overburdened with debts to make a fresh start by discharging most of the claims against him or her. The granting of a discharge after the filing of a bankruptcy petition in federal court releases or discharges you from the legal responsibility of your debts once the petition is approved. […]

The Federal Bankruptcy Code provides consumers with two forms of debtor relief. Chapter 7 of the code is the straight bankruptcy provision and provides for liquidation (conversion into cash) of the debtor’s assets. With bankruptcy under Chapter 7, you give up the property you put up for collateral when using credit, unless the debts are […]

If you will build a foundation based upon debt-free living principles, it will stand up under all kinds of circumstances. When the financial challenges come and, of course, they always do, your foundation will hold and you will come through unharmed. Living without debt is about generosity, gratitude and obedience. It is about sound choices […]

A. Some people get out of debt and, after doing so, they toss aside the principles that served them so well in getting out of debt. They handled debt-recovery very well, but failed to kick into debt-prevention mode. They got to the starting line and then they quit. In this whole matter of personal money […]