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A Chapter 13 bankruptcy is a consolidation/repayment action. The debtor keeps all personal and real property if the "13" is approved and if secured lender's agree to the terms. The debtor must submit an accurate itemized repayment plan to the trustee for the court's approval before the BK can be granted. Chapter 13 BK is from a 36-60 months duration, with the debtor required to adhere to a very strict budget and repayment schedule.

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โˆ™ 2008-09-05 16:06:38
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Q: What items are covered under Chapter 13?
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When can you file for a chapter 13?

You can file for Chapter 13 bankruptcy, however your debt reorganization plan/ timeline must be formally approved by the court. An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels. However, if you owe more than $250,000 in unsecured debt and more than $750,000 in secured debt, you cannot reorganize under Chapter 13; you must do so under Chapter 11. To file for Chapter 13, you must have regular income and debts under those levels. When Should I File under Chapter 13?Chapter 13 is recommended if: * You have debts that are not dischargeable in Chapter 7 * You are in default on mortgages or car payments * You have more property than can be exempted under Chapter 7 * You owe taxes or other debts that are not dischargeable in Chapter 7


Can you go from chapter 13 to chapter 7?

That is a possibility for those individuals who cannot meet the obligations of Chapter 13 bankruptcy. This can be done once for any reason, without court approval. However, to switch back, approval of the bankruptcy court is required, and they will rarely allow a debtor to make multiple switches. You should familiarize yourself with the differences between the two types as certain items that were not able to be liquidated under Chapter 13 become available to creditors under Chapter 7.


What companies will underwrite homeowners insurance while under bankruptcy?

What company will insure you when in chapter 13 if you home is not covered in the bankruptcy. If you have current insurance and the company is going out of business.


How soon after you file chapter 7 can you file chapter 13?

The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.


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.


Can you file chapter 7 bankruptcy after filing chapter 13?

The U.S. Bankruptcy Code allows debtors to file for bankruptcy multiple times, but has changed the number of years you must wait between filings. Previously, a debtor could file under either Chapter 7 or 13 after a six-year waiting period. In 2005, this changed to coincide with the new rules for bankruptcy filings under Chapter 13.Chapter 13 After Chapter 7Section 1328(f) of the U.S. Bankruptcy code restricts debtors who previously filed for bankruptcy under Chapter 7 from filing under Chapter 13 for four years from the date of the Order for Relief.Chapter 13 After Chapter 13Under the same section, debtors who previously filed under Chapter 13 can again file under Chapter 13 after a mere two years from the date of the Order for Relief, although you may be required to finish payments under your reorganization plan before the judge will accept your filing.After a Dismissed Bankruptcy FilingIf you filed for bankruptcy, but the judge rejected or dismissed your filing, or you voluntarily or involuntarily withdrew from the proceedings, you may file under either chapter 180 days after the dismissal/withdrawal date.Rules for Filing Bankruptcy Multiple TimesWhile the U.S. Bankruptcy Code does not restrict the number of times a debtor may file bankruptcy, bankruptcy judges can--and do. Many judges routinely reject additional bankruptcy filings when they feel a debtor is abusing the protection or failing to honor his financial obligations to his creditors.ConversionsIf you wish to file bankruptcy under Chapter 13 because the provisions seem more appealing, you should consider converting your open Chapter 7 bankruptcy to a Chapter 13, instead.


What happens to someone in a personal bankruptcy?

It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.


If you incur a debt on credit card after you file chapter 13 and are still under the bankruptcy can that credit card company do anything legal to collect your debt?

Declaring bankruptcy does not allow you to go out and spend money without having to pay it back. Yes, the debt is not covered by the Chapter 13 filing, so they can do what they can to collect the new debt.


IF you have two car payments in chapter 13 Do you have to give up one car?

No. Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts like cars (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.


Is your monthly car payment reduced in Chapter 13?

Maybe..but then it goes on for longer. Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts like cars (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.


Can you declare bankruptcy now that your first bankruptcy is discharged?

It depends on the chapter you filed under. If you filed under Chapter 7, you have to wait 8 years before filing again. If you filed under Chapter 13, you only have to wait four years.


How long does a chapter 13 stay on your credit report in Wisconsin?

A chapter 7 bankruptcy filing remains on your credit report for 10 years. Chapter 13 bankruptcy remains for seven years. Under chapter 13 bankruptcy you repay at least a portion of the debt, so it is removed a little sooner.


Can you file a chapter 13 within 1 year of a chapter 7?

Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.


After filing chapter 7 about 4 years ago when can a person file chapter 13?

Under the bankruptcy law effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.


Can you file chapter 7 if you filed chapter 13 two years ago?

Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.


How long after being discharged from chapter 13 can you file chapter 7?

Under the new bankruptcy law in effect as of October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.


How soon after a discharged chapter 13 can a person file a chapter 7?

Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.


You did a chapter 7 bankruptcy about 3 years ago can you file a chapter 13 now?

Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.


How many types of bankruptcy there are?

The two types for individuals are Chapter 7 & 13 and businesses can reorganize under chapter 11 and there is also chapter 9 (not commonly used)


How does bankruptcy work?

It depends on what chapter you file under. There are separate types of bankruptcy for businesses and for individuals. The two chapters for individuals is chapter 7 and chapter 13. Chapter 7 discharges most debts but has more serious repercussions. Chapter 13 consolidates many debts to make one payment which is much more manageable. The attached article explains bankruptcy and compares chapter 7 and chapter 13.


Can you convert a chapter 13 to a chapter 7?

can i convert my chapter 13 to a chapter 7 if i filed a chapter 7 in 2005


Chapter 13 bankruptcy rules?

Chapter 13 bankruptcy, or reorganization bankruptcy is a very different type of proceeding An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels, making payment over a designated period of time. The plan for getting out of debt is formalized and approved by the bankruptcy court. Some unsecured debt (debt that is not collateralized) may be discharged. However, if you owe more than $250,000 in unsecured debt and more than $750,000 in secured debt, you cannot reorganize under Chapter 13; you must do so under Chapter 11. To file for Chapter 13, you must have regular income and debts under those levels.


Can a chapter 7 be filed with an open chapter 13?

A Chapter 7 can be filed with an open Chapter 13.


I filed bankrupty under Chapter 13. My student loan is included in the Chapter 13 and I am paying on it. Can I still apply for another student loan?

Only if you have the courts permission


How long after you file a chapter 13 can you file chapter 7?

If you were unable to maintain the rather strict debt management plan in a chapter 13 bankruptcy (as is very often the case) then you are allowed to switch and file for bankruptcy under chapter 7 one time. Note that in switching from Chapter 13 to Chapter 7, much of the debtor's property is now up for grabs to be sold off to pay his or her debts. However, if the debtor cannot make the payments under a Chapter 13 bankruptcy, switching to Chapter 7 may be his or her only option. Before doing this you really should familiarize yourself with the differences.