Can You Assess Finance Charges On Overdue Finance Charges Texas The Cost of Waiting to File Chapter 13 Bankruptcy

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The Cost of Waiting to File Chapter 13 Bankruptcy

Bankruptcy is not something people look forward to, and as such, many people who know bankruptcy is in their future procrastinate and put off filing for years. There is usually some event that creates urgency to file and causes them to seek a bankruptcy attorney. This event could be notice of a foreclosure sale, repossession of your car, or notice of a lawsuit. Whatever the reason, most people don’t file for bankruptcy until they feel they are being forced to do so by their creditors, and this delay can cost them tens of thousands of dollars and a lot of unnecessary stress.

Procrastination can be very expensive for those in debt. This is especially true for high-income filers. For high-income filers, a quick and easy Chapter 7 bankruptcy case is often not an option. The Bankruptcy Code limits relief under Chapter 7 bankruptcy to below-average income households. High-income filers are generally required to file a Chapter 13 bankruptcy case and make payments to a trustee for five years. The Trustee takes the money paid to you and pays it to the creditors.

In Chapter 13 bankruptcy, debtors are only required to pay their unsecured creditors if they have disposable income. Disposable income is calculated using a form very similar to the one you would expect to fill out if you were filing a tax return. This form takes your average income for the past six months, excluding payments under the Social Security Act, and then reduces this amount using IRS deductions such as taxes, insurance, expenses associated with operating a vehicle, and many other deductions. Many Chapter 13 debtors pay nothing to their unsecured creditors, but high-income debtors often pay 100% of the amount owed.

If you are in the category of debtors who have to pay all their unsecured creditors, then procrastinating can be very expensive. As anyone with a credit card can tell you, debts grow, and the longer they go unpaid, the higher the balance. For example, the balance on a credit card that incurs 30% interest doubles every two and a half years. At that rate, a credit card with a $10,000 balance can grow to $40,000 in five years and that’s not taking into account late fees and attorneys’ fees if you get sued. Filing for bankruptcy early means you pay less in your bankruptcy case because you don’t owe as much at the time of filing.

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