What are the rules to file Chapter 13 bankruptcy?

Answer 1

An abstract answer will probably not be helpful. There are rules that apply to every bankruptcy court and there are local rules for each court. In general, if you earn more than the median income for your state and family size, you have to file c. 13 or apply standard deductions for various expenses (or your actual expenses if you have proof). You must have enough money left over after your monthly expenses to pay into the plan. The plan must pay off all secured loan arrears in 60 months or less, plus the trustee's fee.

Answer 2

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.

Answer 3

In order to file for chapter 13 bankruptcy you need to submit proof that you have filed your state income tax returns four years prior to your bankruptcy. You must have a regular income and believe such debts can be repaid within a reasonable amount of time. Also counselling must be obtained before filing for bankruptcy.

Answer 4

If one wants to file for chapter 13 bankruptcy one has to make a repayment plan. That plan should be represented in court. One must realize that there will be a monthly repayment plan, but it is a good way to get back on track if one has a lot of debts.

Answer 5

The chapter thirteen is what helps debtors to regain their status with creditors. It allows the debtor to keep his or her property so they are able to pay the debt over time.