Bankruptcy Chapter 13
Bankruptcy: Chapter 13
When filing bankruptcy there are several codes that you can file bankruptcy under. The most common one is a chapter 7, but don't forget about the chapter 13. This one allows you to keep your property and still pay off the debt.
Your debt is paid within three or five years.This chapter is usually chosen by those who have a regular income and who do not wish to deal with the new laws of chapter 7 bankruptcy codes.
Also known as the wage earners plan, chapter 13 bankruptcies enable debtors to pay off part of the debt they have incurred.
This option is not as a quick fix as a chapter 7, but you'll be able to take some financial responsibility and it does look better on your credit report, because you are taking the responsibility and willingly paying your debts off.
Chapter 13 bankruptcies act as sort of a consolidation loan in itself. Because the debtor is making payments on the owed monies, it does not have such a bad impact on the credit reports. But the individual does not have direct contact with the creditors and payments are distributed amongst them.
For you to be able to file a chapter 13, you must have your unsecured debt under $307, 675 and the secured debts need to be under $922,975 in order for you to be able to file.
No debtor may file for chapter 13, or any bankruptcy chapter during the preceding 180 days of a previous bankruptcy petition was dismisses.
Keep in mind that there are fees that need to be paid when filing for a chapter 13 bankruptcy. You will find that there is a courts fee, a filing fee, and then there are other fees that your lawyer will charge you for. Keep in mind that the courts will allow you to pay the fees in installments, but you will need to get the court's permission.
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