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Trustee fees: Chapter 13 trustees collect a percentage from your monthly payments, up to 10 percent, though it often ranges between 5 and 8 percent. Chapter 13 bankruptcy alternatives
A Chapter 13 payment plan doesn’t have a grace period. Thirty days after your Chapter 13 filing date, you are required to begin making plan payments to the bankruptcy trustee for your case.
The main difference between Chapter 7 and Chapter 13 is that in a Chapter 7 process, the court can liquidate your nonexempt assets to pay your outstanding debts. This means selling your home ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
The new legislation also requires that all individual debtors in either chapter 7 or chapter 13 complete an "instructional course concerning personal financial management." If a chapter 7 debtor does not complete the course, it constitutes grounds for denial of discharge pursuant to new 11 U.S.C. § 727(a)(11) .
There is also a monthly mortgage insurance premium (MIP) which varies based on the amortization term and loan-to-value ratio. [31] FHA mortgage insurance premium (MIP) can be removed in two cases: first, if the initial loan-to-value ratio was less than or equal to 90%, second, if the FHA loan is refinanced. [32]
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