Chapter13 Bankruptcy



Chapter 13 Bankruptcy

While filing for bankruptcy, there are several codes, which an individual can file under. One such chapter is 13, which allows the debtor to keep property and pay the debt off over time.

The debt is usually paid over a three to five year period. This chapter is usually chosen by those who have a regular income and who do not wish to deal with the new laws of chapter 7 bankruptcy codes.

Also known as the wage earners plan, chapter 13 bankruptcies enable debtors to pay off part of the debt they have incurred.

While it is not as good as being able to work something out with your creditors and arrange payments individually or through a debt consolidator, it does show some financial responsibility and the debtor’s willingness to make up for their mistakes.

Chapter 13 bankruptcies act as sort of a consolidation loan in itself. Because the debtor is making payments on the owed monies, it does not have such a bad impact on the credit reports. But the individual does not have direct contact with the creditors and payments are distributed amongst them.

To be eligible for the Chapter 13 bankruptcy an individual, even if self-employed must have an unsecured debt of under $307,675 and secured debts must be under $922,975.

No debtor may file for chapter 13, or any bankruptcy chapter during the preceding 180 days of a previous bankruptcy petition was dismisses.

There are fees that must be paid also when filing for bankruptcy, even the chapter 13 code. The courts charge a $235 case filing fee and a $39 miscellaneous administrative fee. These fees must be paid when filing unless with the courts permission, it can be paid in installments.



 

 
Translate Page Into German Translate Page Into French Translate Page Into Italian Translate Page Into Portuguese Translate Page Into Spanish Translate Page Into Japanese Translate Page Into Korean

More Articles

 


 

More Articles


Getting Help With The Right Home Business Model

... free competitive enterprise and strengthen the overall economy. Small businesses are critical to our economic strength and in building America s future. Most of the large companies we know now were once small ideas and many of them began with advice from places like the SBA. The SBA has grown and evolved ... 

Read Full Article  


What Cruise Is Right For You

... Right For You? Taking a cruise is a wonderful way to have an all-inclusive vacation. When you are planning your cruise, there are a few things that you want to consider before you make your final selection. 1. Occasion Is this a special occasion, such as a honeymoon or an anniversary, or just a vacation? ... 

Read Full Article  


Mobile Phone Etiquette

... trying to pass laws that ban drivers from using any sort of handheld phone unit while operating a vehicle. They have proven a distraction and in society today when we are constantly on the move and in a hurry, we tend to multi-task more and pay attention less to what is going on around us. Mobile phone ... 

Read Full Article  


Donate Your Car

... something for the society, why not donate it instead? It will certainly facilitate somebody who is basically in need. Moreover, the move will get you some cash back during the submission of your tax papers. There are thousands of charities available in the country; some of them support local non-profit ... 

Read Full Article  


What If I Leave My Job

... group health insurance for a limited period of time under circumstances such as voluntary or involuntary job loss, reduction in hours, transition between jobs, divorce, adoption and death. Generally, the employee pays up to 102% of the premium cost for the same policy; this is still usually less expensive ... 

Read Full Article