Modified plans, also sometimes referred to as mods, are a common term often heard in the context of a bankruptcy.  Specifically, they are frequently referenced or invoked when discussing a Chapter 13 bankruptcy and the related Chapter 13 bankruptcy plan.  Upon hearing the term you might ask, “What is a modified plan” and the related question, “What does a modified plan do?”  At the most basic level, a modified plan is a Chapter 13 bankruptcy plan that has been altered in some way to better suit the needs of the person who filed it.  A modified plan can be beneficial in a broad number of ways, and can be implemented for a wide variety of different reasons, but the basic purpose of a modified plan is to make the process of the Chapter 13 more feasible, to increase its probability of success, or to make it more impactful for the filer.  

If English is not your first language or you are worried about translation, that should not prevent you from filing bankruptcy. At LifeBack Law Firm, we often will use translators to best serve our clients. 

For many, taxes are one of the single biggest financial obligations that we face on a weekly, monthly and yearly basis.  Deductions for taxes are withheld from our paychecks, and every spring we are required to file returns to determine what our total obligation is for the year.  Even with this process of withholding, many people still find themselves owing in additional funds when spring rolls around and the yearly return is filed.  If you find yourself in this situation, you may be wondering: “What Happens Next”?

If you have done any sort of research into bankruptcy, you’ve likely seen one word pop up over and over again: 

 If you are filing bankruptcy, but have a trip planned or even paid for already, you may be wondering if there are repercussions to filing and taking vacations. 

Home utilities play a very prominent role in day to day life.  They provide us with the power to heat and cool our homes, cook and refrigerate our food, and power the devices that we used to stay connected with both our loved ones and the world at large.  In short, utilities are fundamental to providing for our families and protecting our homes.  Unfortunately, utilities can also sometimes be a heavy burden on our budgets, something which has become increasingly true in light of rising energy prices.  This can in turn cause us to sometimes fall behind on utility bills, as we seek to balance their cost alongside other daily bills and the necessary expenses of living.  

Financial problems are stressful and oftentimes steal all the joy from life. So while you are taking the time to consider bankruptcy, this blog is here to provide some much needed comic-relief (comedy not guaranteed). So if you need a break, or need to laugh about the entire situation, sit back, relax, and let the chuckles (or groans) come.

Many people value personal vehicles critically. They are necessary to meet our day-to-day transportation needs and are often one of our most valuable assets. Because of this, it can be jarring and often a bit scary when a lender tells you they plan to repossess your car. One of the first things you might ask yourself if you are experiencing this is, “How do I stop the repossession process and protect my car?” The good news is that bankruptcy can be a resource to help you do this!  

When faced with the prospect of unmanageable debt, many consider the options available to help them address the situation and the benefits that these options may entail. When they do this, bankruptcy is often one of the first things that comes to mind.  

Many people encounter overwhelming debt at some point during their life, and when they do, find themselves asking what their options are to address the situation.  One of the first things that usually comes to mind is bankruptcy; another may be something along the lines of debt negation or consolidation.  This guide will serve as a brief insight into what these different options offer, and the benefits and possible drawbacks that they entail.     

One of the things that I am most frequently asked by people when they are contemplating bankruptcy is, “How can I protect my assets when I file a bankruptcy?”  It’s a great question that is extremely important to everyone considering the bankruptcy process.  While the discharge afforded by bankruptcy is a massive benefit towards resolving your debt, many people contemplating bankruptcy are often concerned that it will come at the cost of their personal possessions and assets.  The good news is that bankruptcy provides you with extensive safeguards that can protect many of the most significant things you own both during and after the bankruptcy process.

Finances are a massive stressor in most people’s lives, and although this blog might not cure all your fears, it can provide a good distraction. Because what helps stress more than an obscene amount of sugar? This recipe has only three ingredients and is super quick to make. It’s helped me through some rough times, so it may also help you.

When considering bankruptcy, it is very common to wonder where the path of pursuing a bankruptcy filing ultimately leads and how you will navigate the process of arriving there.  For many, bankruptcy is a new concept that lies outside of prior life experience and represents a brand new avenue through which we can address the challenges of overwhelming debt.  However, you will not walk this path alone.  Our firm has one mission, one single purpose, and that is to be there with you every step of the way as you walk through the journey of bankruptcy and leave the burdens of overwhelming debt behind you permanently.      

When filing for bankruptcy, regardless of whether you are pursuing a Chapter 7 or a Chapter 13 filing, one of the first things your attorney will assist you with is creating a budget that will be filed with the court.  This budget serves several purposes related to the bankruptcy, including determining the size of the payments that would be made in a Chapter 13 filing and helping to demonstrate eligibility for a Chapter 7 filing when viewed in conjunction with projected income. 

Medical bills are our favorite thing to hate. With people in the US owing at least $220 billion in medical debt alone, nearly 41% of adults have some form of health care debt. When that debt becomes unbearable, many people consider bankruptcy a form of relief.

When you speak with an attorney about filing bankruptcy, the attorney is going to ask you what types of debts you have and if you have secured or unsecured creditors.