Chapter 13 Bankruptcy is a proceeding that allows a person to turn over debts to the Bankruptcy Court and submit a plan for repaying them. The plan involves the debtor making regular installment payments to a person called the Chapter 13 Trustee. The Trustee collects the installment payments and pays required creditors in the manner prescribed in the Plan. While the Plan is in effect, the court prevents collection efforts from all creditors.
People who file Chapter 13 Bankruptcy are required to attend a Personal Financial Management Course, usually given by the Chapter 13 Trustee on the same day as the Meeting of Creditors. The Meeting of Creditors is informal, lasting about 20 minutes, and usually is scheduled 30 to 45 days after the petition for Chapter 13 is filed.
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Individuals can file either Chapter 13 or Chapter 7 bankruptcy. Many people wonder when Chapter 13 is favored over Chapter 7, and it really comes down to four factors. You would file Chapter 13:When you have the sufficient income and want to pay your debts, but you would like extra time or protection from the court; When you owe tax debts When you own assets which may be seized if you filed for Chapter 7 If in the last eight years you have filed a Chapter 7 bankruptcy.
According to Chapter 13 attorneys in Ft Worth, you will not loose your wages or property, your creditors will not be allowed to collect finance charges, and interest or penalties while you are in Chapter 13. Also, when you file for Chapter 13 bankruptcy, it automatically stops all lawsuits, garnishments, attachments and other attempts by your creditors to take your property.
The plan you submit to the Bankruptcy Court must be proposed in Good Faith, the bankruptcy fees must be paid, you must show that each of your secured creditors will be paid (with some stipulations), and show that you will make the required payments on time.You do not have to get approval from your creditors as long as you propose to pay them the value of their security plus interest on that value.
The Chapter 13 may stay on your credit history for seven years from the date it was filed. For this reason, some people may consider using a debt consolidation service instead. The reasons to choose Chapter 13 over a debt consolidation services are that the court has more power than any service. For example:The court will force your unsecured creditors to accept the payment plan even if you propose to pay your unsecured creditors a small percentage of their actual claims. The court has the power to stop creditors from suing you and trying to get your property. At the completion of your plan, the court will discharge you from all unpaid debts.
Any US resident can file for Chapter 13 Bankruptcy as long as they are not a stockbroker or a commodity broker, they have regular income, and have unsecured debts of less than $307,675 and secured debts of less than $922,975. Husbands and wives may file for Chapter 13 jointly.
For further questions and answers, contact a Chapter 13 Attorney in Fort Worth.
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