Just A Few Notes About Chapter 13 Bankruptcy Information

Article Written By: Melisa Legree

When you need an absolute answer to questions about Chapter 13 bankruptcy Information, it is best to talk to a qualified lawyer. Most times an introductory interview is given at no charge. This article will provide basic information that may help in decide if this Federal action is right for you.

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.

Chapter 7 is another code under which individuals can file. This section may allow you to keep your home and car (if the values fall within the parameters), but other non-essential assets will have to be forfeited to the trustee. Under this code, you will be able to have all debt incurred (prior to filing), discharged, therefore, negating any further repayment.

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.

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