The chapter 13 process begins with credit counseling for the debtor with an approved agency, at least 180 days prior to filing the bankruptcy petition. A payment schedule will be determined, which is submitted at the time of petition or within 14 days, along with documentation and required fees...
Chapter 13 allows you to pay past-due income taxes and domestic support obligations likechild support and alimonyover the three- to five-year payment plan. This form of bankruptcy protects any co-signers you have, and it could help you reduce highstudent loanpayments. ...
You also require a regular income for Chapter 13 bankruptcy. That’s because you’ll work with a court-appointed trustee to consolidate your debts into one monthly payment you make for three-to-five years. After completing your payment planthe remaining debts get discharged, with a fe...
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A means test will determine whether you can file for Chapter 7 bankruptcy (a discharge of debts) or Chapter 13 bankruptcy (a reorganization of debts and a repayment plan). Complete an online personal credit-counseling course within 180 days of filing for bankruptcy that is approved by the U....
Lawrence B. Yang is a graduate of Georgetown University with a Master’s Degree in Law and specializes in Bankruptcy, Business, Real Estate and Civil Litigation. He speaks English, Mandarin and Fujian and has successfully represented thousands of clients in California, including companies overseas. ...
for Chapter 13 bankruptcy fail to complete their payment plan. Chapter 7 bankruptcy can be completed more quickly than Chapter 13 bankruptcy—usually within three to six months—and allows debtors to keep all or at least most of their property. Some debtors will not qualify for Chapter 7 ...
Chapter 13 bankruptcy is a court-supervised payment plan, whereby you pay back your creditors over four to five years. Bankruptcy protects you from lawsuits during this period. Bankruptcy is complicated, and it is recommended to consult with an experienced bankruptcy lawyer....
bankruptcy will remain on your credit reports for up to 10 years; for Chapter 13, it's seven years.2That can make it impossible to get a loan or a regular credit card, except
Chapter 13bankruptcy allows you to retain your assets, but you must agree to a plan to repay your debts over a period of three to five years. The trustee collects your payments and distributes them to your creditors. Chapter 13 bankruptcy is normally chosen by people who want to keep their...