February 10, 2011
Several Aspects About Chapter 13 Bankruptcy Information
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.
An alternate way for individuals to file is under a Chapter 7. This will allow for complete discharge of all un-secured debt incurred prior to the file date. Secured debt for a home and car can be kept if the value falls within the parameters of the Federal code. Only essential assets are allowed to be retained, all other non-essential debt 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.
When you consolidate your debts, no longer will you have to interact with each creditor individually, nor will you be subjected to their telephone calls. Your responsibility will be to the court to make one payment a month. The trustee will take this money and pay your creditors. There is a limited period of time given for repayment, normally it is three years but may be extended for up to but not exceeding an additional two years.
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 got all of the Chapter 13 bankruptcy Information and the chapter 13 bankruptcy rules you need to know – come see us so that you can save your time.
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