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All You Need to Know About Chapter 13 Bankruptcy!
Are you unable to meet your financial obligations? Or are thinking about filing for bankruptcy to get a relief from your creditors? Before you delve in the details, you should know first get to know some basic information regarding bankruptcy.
Types of Bankruptcy
There are two types of bankruptcy, namely Chapter 7 and Chapter 13. Chapter 7 deals with straight bankruptcy which eliminates large amounts of unsecured debts and put an end to harassing calls of the creditors. On the other hand, Chapter 13 is reorganization. Chapter 13 is the right option for those who cannot pass the means test, have a lot of secured creditors or want to protect a lot of property. Both of these types have certain criteria which must be met to qualify for eligibility. A bankruptcy attorney can guide you regarding which option might be best for you. In this article however, we will be discussing Chapter 13 bankruptcy.
Chapter 13 Bankruptcy Defined
Bankruptcy filed under Chapter 13 of the Bankruptcy Code allows to have the opportunity to repay some or all your debts, in better terms. Repaying debts under better terms means paying lower or no interest at all. Instead of liquidating the assets, Chapter 13 involves restructuring of debts. This method provides the debtor an opportunity to use whatever income he may have in the future to pay off creditors. Eligibility for Chapter 13 Bankruptcy
If you have a regular income, then you are protected by law for up to five years. After the lapse of this time duration, you will be liable to pay your creditors. You should however, have a proof to show that you can afford adjustments and reductions. Your bankruptcy attorney works out to safeguard your interest, but he has to work according to the United States Bankruptcy Code.
How Does Chapter 13 Bankruptcy Work?
The court creates a written plan which dictates how transactions will be carried out and the duration of those transactions. You are entitled to keep all of your property as per the conditions laid down by the courts plan. The court will approve your repayment plan. According to this plan, in general your repayment must begin within thirty to forty-five days after the case started.
The court restricts your creditors from harassing you and they cannot collect any claims from you. The law binds the creditors to strictly adhere to the repayment plan approved by the court.
How Can One File for Chapter 13 Bankruptcy?
Your attorney will guide you regarding the steps involved in Chapter 13 Bankruptcy. However, below is a general procedure for filing Chapter 13 Bankruptcy: - Determining if Chapter 13 is the right option for you. - Preparing a budget. - Evaluating and implementing methods to deal with secured creditors. - Devising a Chapter 13 plan and filling out the forms. - Paying the filing fee and completing the process of filing the forms and pleadings. - Attending meetings, court hearing etc. as and when required. - Obtaining a discharge after all payments have been made and plan terminated. These are just a few general guidelines to give you an idea about what Chapter 13 Bankruptcy is and how it works. Sit down with your attorney and he will make you understand the more complicated stuff. You will also figure out whether this option is the right one for you.
Author Resource:-
Gabrielle Daae and a team of writers author articles for people in need of bankruptcy information. You can visit their site at http://www.bankruptcydistrictcourt.com For additional information on bankruptcy laws click here.
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