Posts
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.
Another option for debt relief is chapter 7. This allows for complete discharge of non-secured debt that you have at the time of filing. You will be able to keep your home and automobile if it meets the code limits. Other assets that do not meet guidelines will have to be forfeited to the trustee.
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.
You may be able to stop a foreclosure on your home in the wage earner's plan. The past due payments might be able to be rolled into the court payment plan so you can become current. Other secured debts may be included in the court payment modification, thereby extending the repayment and lowering the monthly cost. Third party signers or co-signers may have protection under this type of action.
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.
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.
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.
Another option for debt relief is chapter 7. This allows for complete discharge of non-secured debt that you have at the time of filing. You will be able to keep your home and automobile if it meets the code limits. Other assets that do not meet guidelines will have to be forfeited to the trustee.
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.
You may be able to stop a foreclosure on your home in the wage earner's plan. The past due payments might be able to be rolled into the court payment plan so you can become current. Other secured debts may be included in the court payment modification, thereby extending the repayment and lowering the monthly cost. Third party signers or co-signers may have protection under this type of action.
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.
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.
About the Author:
We got all of the Chapter 13 bankruptcy Information and the chapter 13 bankruptcy rules you need to know of - come see us so that you can save your time.
No comments:
Post a Comment