Declaring bankruptcy can be a fresh start for those in dire financial straits. But not all bankruptcies are the same. Here, we'll look at Chapter 13, also known as wage earner's bankruptcy, a plan to repay debts in a structured manner while preserving assets. What Is Chapter 13? Chapter...
If you file for Chapter 7 bankruptcy, the court will apply something called the "means test." This test determines if you have the financial means to support the repayment plan that Chapter 13 requires. If the court determines you have enough money at the end of the month to pay down you...
Chapter 13 bankruptcy, also known as “a wage earner’s plan,” is a type of bankruptcy where a debtor undertakes a reorganization of their finances under the supervision and approval of the federal government. One of the most attractive aspects of Chapter 13 bankruptcy is that the repayment p...
At its core, Chapter 13 is a payment plan. In order to qualify for Chapter 13 bankruptcy in Tampa, you must have a regular source of income, preferably in the form of a steady paycheck. Your Clark & Washington Tampa bankruptcy lawyer will evaluate your income and expenses and calculate a...
Chapter 13 bankruptcy is a plan that allows an individual or sole proprietor to reorganize and pay debts without liquidating assets. Debtors must meet certain criteria to qualify for Chapter 13 instead of Chapter 7. Debtors who qualify will be put on a three- or five-year payment plan to dis...
Chapter 13 Bankruptcy: A Court Approved Repayment PlanIf you cannot qualify for a Chapter 7, you still have the option for filing a Chapter 13 bankruptcy repayment plan. A Chapter 13 usually occurs when you either earn too much income, or have too much equity in your non-exempt assets ...
Chapter 13 bankruptcy is also called a wage earner's plan because it allows individuals who file to propose a payment plan to repay all their debts provided they have a regular source of income. This plan must be submitted to the court, which approves it. The debtor must continue with the...
Chapter 13 is much simpler, especially for those who have retained consumer bankruptcy attorneys. You file your bankruptcy paperwork; attend a meeting to check your paperwork, get more information about your financial situation and proposed payment plan; and complete the confirmation process t...
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Chapter 13 Bankruptcy Unlike Chapter 7 bankruptcy,Chapter 13 bankruptcyis not a liquidation bankruptcy. It is areorganization bankruptcy. You can keep your non-exempt property, but you mustset up a repayment planand pay off your debts over a period of three to five years. After this period, ...