General questions regarding Chapter 13 bankruptcy Information will be discussed in this article. For detailed information about filing and if you can qualify is best left to a lawyer who is experienced in this branch of law. As a courtesy, an interview is often given at no charge.
As an individual, you can file under this particular code. An individual can also mean an owner of a business entity but that entity cannot be a partnership or incorporated. An income that meets the person’s basic expenses but comes short of the monthly debt responsibility is a candidate. Because of this requirement, Ch. 13 is also known as the wage earner’s plan.
Another option for debt relief is chapter 7. This allows for complete discharge of non-secured debt that you have at the time of filing. You will be able to keep your home and automobile if it meets the code limits. Other assets that do not meet guidelines will have to be forfeited to the trustee.
The wage earner’s plan allows you to keep your home, car, and most if not all of your assets. The debt that you incurred prior to filing will not be discharged in the proceedings. Instead, the debts will be compiled into a payment plan set up through the court. Other debts that are allowed to be forgiven under this chapter are not forgiven in others.
Continuing on, you may be able to halt any foreclosure on your residence. You will have to continue making the current payments but the amount that is past due may be included in the payment schedule of the court. Additional payments on secured debt that is not your primary home may be modified to be paid over the payment schedule. Third parties, those also liable for some of your debt, may be protected.
This is a consolidation. All of your debt will be handled by the trustee of the court. You will have one payment per month and will be responsible for making it to the trustee’s office. The court will then disperse the money to the creditors. Your repayment plan is for thirty-six months, but under some situations, this can be extended for no more than an additional twenty-four months.
With this Chapter 13 bankruptcy Information, you should get some understanding about if you would qualify. If not, perform a web search to find information that is more detailed. While searching the internet you can also find qualified lawyers in your area.
We have all of the Chapter 13 bankruptcy Information and the chapter 13 bankruptcy rules you need to know about – come see us and save your time.
