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Chapter 13 bankruptcy can be defined as a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this , debtors propose a repayment plan to make installments to creditors over three to five years.
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∙ 9y ago
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Can your Chapter 11 be dismissed due to plan payments?
Chapter 11 is a corporate business bankruptcy where a reorganization plan is made while operating under protection. It is not a Chapter 13 with a specific payment plan.
What happens when a person dies and they filed chapter 13 four years ago?
If the Chapter 13 Plan is still being paid and is still needed, it can continue. Someone will have to be responsible to continue the plan, whether there is an estate fiduciary (executor or administrator) or not. Check with the Chapter 13 Trustee.
What is a wage earner plan?
It's another name for a chapter 13.
Can you lease a car in an open chapter 13 bankruptcy plan?
Yes
Can you file chapter 7 before chapter 13 is discharged?
No, you can't have two separate bankruptcies at once. If you are under a chapter 13, and are no longer able to make your plan payments, then you can convert your case from a 13 to a 7.
What are the Chapter 13 laws about generally speaking?
Chapter 13 laws are the laws that govern bankruptcies. These are different than Chapter 7 bankruptcies because these have a repayment plan by which you repay your creditors.
What happens if you are in bankruptcy and then become unemployed?
If you are in a chapter 13, if you are no longer able to make plan payments, you must either convert to a chapter 7 or dismiss the 13.
Can a chapter 13 trustee force you to sell your house?
A chapter 13 involves a plan you and your attorney have proposed to the creditors for them to object or not and the court to allow if no objections are filed. The C. 13 trustee does not "force" you to do anything, other than propose a fair plan according to your income and expenses
What are your options if you are found in default of chapter 13?
You can try to get the court to approve a modified plan; you can convert to chapter 7; or you can dismiss your case.
When is Chapter 13 bankrupcty discharged?
After the Chapter 13 plan has been successfully completed and the Trustee so certifies. Some courts require filing a motion or request for a discharge.
After filing chapter 13 do you have to move out of your house any period of time?
Generally you should not have to because a chapter 13 protects your assets through the payment plan you filed with the court.
How can anyone afford to pay back a chapter 13 the payments are outrageous?
All chapter 13 payments are scrutinized for ability to pay. If the plan payments were outrageous, it is highly unlikely that the court would approve a plan that a debtor would be unable to pay.
