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What’s a Chapter 13 bankruptcy? A Chapter 13 bankruptcy is known as a reorganization of your debt. You may consider a Chapter 13 bankruptcy if you do not meet the income requirements of a Chapter 7. You may also consider a Chapter 13 bankruptcy if you would like to keep some of your assets that may not be allowed in a Chapter 7, or if you have certain debts that may not fit well with a Chapter 7 bankruptcy.
Why would anyone choose to file a Chapter 13 bankruptcy when they might be able to eliminate their debt completely in a Chapter 7 bankruptcy? In a Chapter 7 bankruptcy, the Bankruptcy Court looks closely at your income. You may simply earn too much to file a Chapter 7, but you still need the assistance and protection of the Bankruptcy Court to reorganize your debt to make life manageable and relieve some of the financial pressure you are experiencing. A Chapter 13 bankruptcy is sometimes advantageous to you if you would like to keep your home, but you owe more than your home is worth due to second or third mortgages. In some circumstances, we can ask the court to remove these additional mortgages.
Have you previously filed a Chapter 7 bankruptcy, but you still need help to get your finances under control? You cannot file another Chapter 7 for 8 years if you received a discharge of your debts. But, you may file a Chapter 13 to assist you with the repayment of debts.
A Chapter 13 plan puts you in control of your debt. A Chapter 13 bankruptcy plan is an interest-free way to repay your debts based on what you can afford over a 3 to 5 year repayment period. With a Chapter 13 plan, you will make a single monthly payment to the United States Bankruptcy Trustee to cover all of your debts and the Trustee will distribute the money to your creditors. No more scheduling of multiple payments to your different creditors over the month. The added bonus is you may keep your home, keep your vehicle, and keep many more of your assets even if you are behind on your payments.
How do I know if I a Chapter 13 bankruptcy is right for me? Easy, Call Christine for your free consultation! We will discuss your financial situation in great detail and what you would like to accomplish from a Chapter 13 plan. We will review your income and expenses together. In a Chapter 13 bankruptcy, the Court applies an income and expense test that considers whether your disposable income is more than the median of households your size.
If you have any questions on whether bankruptcy is the best solution for you, whether you qualify for a Chapter 13 bankruptcy, or what the Court process entails, schedule a free consultation with Christine today.