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Chapter 13 Bankruptcy Information

Chapter 13 bankruptcy is a debt reorganization bankruptcy that utilizes a plan to restructure debts in order to give a consumer one manageable monthly payment. It is available for individuals as well as married couples. It can protect the consumer from creditor collection attempts during the case and eliminates any unpaid balance of dischargeable debts after successfully completing the plan. When filing this type of bankruptcy you will be required to make monthly payments, so it will be necessary for you to generate sufficient income from employment or through other means. A Chapter 13 bankruptcy can be an effective way for consumers to regain control of their financial situation and get back on track with their lives.

Chapter 13 bankruptcy is also an effective way to prevent or stop foreclosures and repossessions. Facing foreclosure can be terrifying. No one wants to be forced out of their home. When your mortgage lender does not want to work with you, it is time to seek advice from an experienced bankruptcy attorney. At EDF LAW, we will try to develop a plan that will help you save your home from foreclosure and do so on your budget.

This type of bankruptcy also appeals to consumers who have nonexempt property that they want to keep. This is because a Chapter 13 bankruptcy is not typically a liquidation bankruptcy. Normally, in a Chapter 13 bankruptcy, you are allowed to keep all of your property while you make monthly plan payments towards your debts. The amount of your debts that you will be required to pay will depend on your financial situation. We can help you calculate those payments and determine if Chapter 13 bankruptcy is right for you.

To find out if you qualify for the benefits of a Chapter 13 bankruptcy, please contact us. For more information, please visit Frequently Asked Questions for Chapter 13 bankruptcy.

For your information, in bankruptcy:

Discharge is a statutory injunction against the commencement or continuation of an action to collect, recover or offset a debt as a personal liability of the debtor. In other words, your dischargeable debts are cancelled or eliminated and you are no longer personally liable for those debts. To find out more about a Chapter 13 discharge and whether your debts are dischargeable, please contact us.

Plan means a document the debtor must file in a Chapter 13 bankruptcy showing the debtor's proposal for repaying debts. Typically, a Chapter 13 plan requires the debtor to make set payments once or twice a month, which the bankruptcy trustee uses to pay creditors. The plan must last for three (3) to five (5) years, and the debtor must devote all disposable income to the plan. A Chapter 13 bankruptcy is known at a “wage earner’s plan” because it enables individuals with regular income to develop a plan to repay all or part of their debts. A Chapter 13 bankruptcy is also known as a “reorganization” because debts are re-adjusted according to the plan based on applicable law. To find out more about a Chapter 13 plan and how your debts could be re-adjusted, please contact us.

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