A Chapter 13 bankruptcy (aka wage-earner's plan) is 1 of the so-called rehabilitative bankruptcies that allows the individual debtor — but not a business — with regular income to repay either all or some of his debts over a 3- or 5-year period, with the period of repayment depending...
The Chapter 13 bankruptcy process will restructure non-exempt debts on better terms over a period of several years, usually 3 to 5 years. It is especially advantageous for debtors who want to stop foreclosure or otherwise keep their house or car. The requirement here is that the individual mak...
The Chapter 13 bankruptcy law is also called the “Wage Earner’s Plan.” Accordingly, one must be earning a regular income to be eligible. Chapter 13 does not completely get rid of debt but can consolidate it and break it up into manageable payments. After filing for federal bankruptcy, ...
Under Chapter 13, individuals can retain ownership of their assets and work out a repayment plan over a period of three to five years, during which time they make regular payments to a bankruptcy trustee who distributes the funds to their creditors. At the end of the plan, if all payments...
Chapter 13 Tampa bankruptcy puts an immediate stop to foreclosure and allows you to take up to five years to pay back your missed mortgage payments and other debts. In many cases, you can wipe out some or all of your credit card debt as well. ...
In a standard Chapter 13 bankruptcy, closing comes soon after discharge. However, if you failed to make your payments or otherwise did not follow court orders, the court may dismiss your case and close it without granting a discharge. In this case, "close pending" is not a good notation,...
Chapter 13 bankruptcy is just an appropriate procedure that enables you to maintain your home and repay the money you owe more than a three to period that is five-year. By the end of that payment period, any staying un-secured debts could be discharged. ...
But, with Chapter 13, you can simply enroll in a repayment plan to keep your property. Foreclosures and Repossessions If you’re falling behind in mortgage payments, then Chapter 7 bankruptcy isn’t a suitable alternative. It’s best to restructure your finances to help you catch up with...
Chapter 13 involves the appointment of atrustee; with Chapter 11 this is optional and not usually done. The trustee’s role includes reviewing the bankruptcy proposal, and making recommendations to the court, along with collecting and distributing creditor payments. ...
Chapter 13 is a type of bankruptcy proceeding in which debtors agree to areorganizationof their financial obligations under the supervision of a court. Individuals and married couples, even if self-employed or operating an unincorporated business, are eligible to file for Chapter 13 bankruptcy.1Here...