invoicecn.com

Archive for the ‘Bankruptcy’ Category

General questions regarding Chapter 13 bankruptcy Information will be discussed in this article. For detailed information about filing and if you can qualify is best left to a lawyer who is experienced in this branch of law. As a courtesy, an interview is often given at no charge.

An individual or small proprietary business owner (self-employed or unincorporated) can file Chapter 13 (wage earner’s plan) if they are still earning a regular income. Corporations or partnerships are not allowed to file under this plan. Another stipulation is you will have to remain under the unsecured and secured debt limits. These limits often periodically changed to reflect variations in the consumer price index.

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.

This is a consolidation. All of your debt will be handled by the trustee of the court. You will have one payment per month and will be responsible for making it to the trustee’s office. The court will then disperse the money to the creditors. Your repayment plan is for thirty-six months, but under some situations, this can be extended for no more than an additional twenty-four months.

This is general Chapter 13 bankruptcy Information. By searching online, you can find much more detailed parameters for this area and other areas of the bankruptcy code. The earlier you get information on this option, the easier it can be to repay your debts. Find a reputable lawyer in your area by searching the web.

We have all of the Chapter 13 bankruptcy Information and the chapter 13 bankruptcy rules you should look at – come see us so that you can save your time.