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A chapter 13 bankruptcy enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a #repayment plan to make installments to creditors over three to five years. During this time the law forbids creditors from starting or continuing collection efforts.
Advantages of Chapter 13: Chapter 13 bankruptcy is a #debt #consolidation and #repayment plan that lasts 3-5 years. The length of the payment plan can be discouraging for some people and Chapter 7 bankruptcy may seem initially more preferable. However, Chapter 13 has many advantages, including some that are not available in a Chapter 7, and it may be the best solution for your long term financial health.
Some of the advantages of a Chapter 13 bankruptcy include:
-allowing you to pay what you can afford,
-discharging debts you do not pay in full,
-saving your home from foreclosure, and
-removing a 2nd or 3rd mortgage (“lien stripping”).
Chapter 13 allows you to make one monthly payment to a bankruptcy trustee that covers all of your debts. Your payment is determined by your budget, which you put together with your bankruptcy attorney for approval by the Bankruptcy Court. Your budget allows you to pay what you can afford.
How Chapter 13 Works: When an individual files a chapter 13 petition, an impartial trustee is appointed to administer the case. The chapter 13 trustee both evaluates the case and serves as a disbursing agent, collecting payments from the debtor and making distributions to creditors.
Filing the petition under chapter 13 “automatically stays” (stops) most collection actions against the debtor or the debtor’s property.
Chapter 13 also contains a special automatic stay provision that protects co-debtors. Unless the bankruptcy court authorizes otherwise, a creditor may not seek to collect a “consumer debt” from any individual who is liable along with the debtor. Consumer debts are those incurred by an individual primarily for a personal, family, or household purpose.
Between 21 and 50 days after the debtor files the chapter 13 petition, the chapter 13 trustee will hold a meeting of creditors. During this meeting, the trustee places the debtor under oath, and both the trustee and creditors may ask questions. The debtor must attend the meeting and answer questions regarding his or her financial affairs and the proposed terms of the plan.
At the end of the 341 hearing the trustee will announce their objections so that the debtor and their attorney know what needs to be resolved before the confirmation hearing.
No later than 45 days after the meeting of creditors, the bankruptcy judge must hold a confirmation hearing and decide whether the plan is feasible and meets the standards for confirmation set forth in the Bankruptcy Code. Creditors will receive 28 days’ notice of the hearing and may object to confirmation.
If the court confirms the plan, the chapter 13 trustee will distribute funds received under the plan. If the court declines to confirm the plan or the modified plan and instead dismisses the case, the court may authorize the trustee to keep some funds for costs, but the trustee must return all remaining funds to the debtor (other than funds already disbursed or due to creditors).
Making the Plan Work: The provisions of a confirmed plan bind the debtor and each creditor. Once the court confirms the plan, the debtor must make the plan succeed. The debtor must make regular payments to the trustee either directly or through payroll deduction, which will require adjustment to living on a fixed budget for a prolonged period.
A debtor may make plan payments through payroll deductions.I f the debtor fails to make the payments due under the confirmed plan, the court may dismiss the case or convert it to a liquidation case under chapter 7 of the Bankruptcy Code.
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Our team is passionate about our work and we take it very seriously. It is a privilege to help clients and their families in times like these. Bankruptcy was created for this purpose. Please contact us today at (404) 919-7296 or firstname.lastname@example.org to learn about what you can do to protect your future. #bankruptcy #lawyer #attorney #Georgia #Atlanta #lawgirlboss #chapter13 #chapter7
What Happens to Secured Debt in Chapter 13, How Does A #Chapter 13 #Bankruptcy Case Work.
Mortgages – Utilize Your Properties And Live Financial Obligation Free
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How Does A #Chapter 13 #Bankruptcy Case Work, Enjoy new replays about What Happens to Secured Debt in Chapter 13.
Quickly Debt Relief – 3 Greatest Lies
Reward yourself with a dinner out when you get a financial obligation paid off. Then do the procedure over again. Some masters say to pay off your least expensive credit card balance first.
It’s a fact – great people have uncollectable bill. And great deals of it – the average American family carries about $8,000 in charge card financial obligation alone. We hold an overall of $1.9773 trillion (yes, that’s a trillion, a thousand billion!) of customer debt – $18,654 per family. And, 44% of us invest more than we make. Cinema TVs, the most recent in clothing and dinners out – 4.2 meals weekly – help contribute to this financial obligation. You may currently be wondering how to cure your debt issue if you are part of the debt crowd. What can you do to decrease debt? I’ll show you three easy, yet efficient, ways to start cracking away at those high balances – today.
UnSecured Debt has no tangible product on the line as collateral, so it normally includes a higher rates of interest. Individual loans and credit cards are the most typical kinds of unsecured debt. Student loans are a little tricky. It appears as though it ought to be classified as unsecured financial obligation, since the bank can not take back your education and there is no security; nevertheless, strict laws use to student loan financial obligation. For example, it is not dischargeable in bankruptcy, so student loans must be considered Secured Debt.
Now that you understand the how you entered into debt, why you wish to go out and what you will do once you are out. Here are nine-steps for getting out of consumer debt and avoiding forever.
On the other hand there are substantial benefits to being Debt Free. Being debt-free enables you to take threats in life that you simply couldn’t take being burdened by financial obligation. It is much easier to begin a brand-new career, introduce your own service or take a lower paying more pleasurable job if you aren’t burdened debt. When you are one paycheck from personal bankruptcy it is much simpler to live by your principles.
Secondly, this kind of financial obligation most affects your credit report negatively. Because this kind of debt is most unsafe and unpredictable – it’s called Revolving Debt because it can change from month to month – it can actually sink your credit report. This can be a big problem for your credit score if you have a high balance on your credit card.
This may sound strange to you however you can’t have good credit without financial obligation! It’s not possible. Not with the method our current credit system is established. Your credit report is basically a record of the loans/credit you have been given. Your credit rating is a number representing how well you have actually dealt with those loans. Considering that you enter into financial obligation when you take credit or get loans, your credit report is a reflection of how well you have actually dealt with debt. A high score indicates you are proficient at dealing with debt (up until now that is).
Charge card debt can ruin your life if you aren’t cautious. This is why it is essential to stay on top of your debt so that with time you can get out of it. If you’re having problem with your credit report, this is the very best way to enhance it. Simply eliminate a couple of cards and pay them absolutely off.
These loan amounts just reduce, on an installation basis. This is a really helpful way to avoid of credit card financial obligation. Second of all, this kind of financial obligation most impacts your credit rating negatively.
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