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What if your income increases after filing a chapter 13 bankruptcy?
Chapter 13 is more of a repayment plan than a debt wipeout. Because of that, if there is a change in your financial circumstances after filing for bankruptcy then the court needs to be aware of it.
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 is the plan base of a chapter 13?
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.
During a chapter 13 bankruptcy can creditors charge unpaid late charges?
Maybe. A chapter 13 is a repayment plan and in some instances will not affect the terms of the lender and borrower contract.
Is a bankruptcy valid if you never followed through?
No. If a Chapter 7 is not properly discharged and closed it is not valid. If a Chapter 13 is not adhered to according to the repayment plan agreed on it will be dismissed by the BK trustee with or without prejudice.
What difference between ch 7 and ch 13 bankruptcies?
Chapter 7 is a complete discharge of all dischargeable debts. Chapter 13 is a repayment plan of the debts under the bankruptcy court's supervision and protection.
What items are covered under Chapter 13?
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.
While in Chapter 13 will they take a winter seasonal job layoff into consideration regarding your payments?
Yes - you can request a variable repayment plan with higher payments during the months that you are employed. Ask your lawyer or trustee for more info!
What's the best loan plan for schools?
Choosing the right repayment plan for your student loans is your first step toward meeting your financial goals. See which repayment option best meets your needs. These are Standard repayment, Extended repayment, Graduated repayment and Income-sensitive repayment (available only for FFELP loans).
How much can you save while in chapter 13 bankruptcy?
In a chapter 13, a debtor keeps all his or her property. If you can save while you are in a chapter 13, there is nothing in the bankruptcy law that specifically prohibits you from doing so. There is no limit to what you can save. However, a chapter 13 requires that you repay all or a portion of what you owe creditors through a repayment plan that must be approved by the court. So if you have enough income to save a lot of money, you may not be paying enough into your plan to satisfy the court (and the judge will be influenced by the trustee and creditors as well). In addition, the amount of property (including savings accounts) that you own at the time you file chapter 13 bankutpcy will affect what you are required to repay in your repayment plan. Specifically, there is a requirement that your chapter 13 repayment plan pay creditors at least as much as they would receive if you had filed a chapter 7 liquidation instead. For example, if you already have a substantial savings account at the time you file chapter 13 of $50,000, you would have to repay your creditors over $50,000 (minus any exemption) through your repayment plan. The amount of the exemption depends on state law or the federal exemptions for cash if your state has not "opted out."
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.
Can you sell your home if you are on a repayment plan?
You can sell your home if you are on a repayment plan, but the proceeds or profits from the house will probably be factored in to the plan. Each case is individual and an attorney should be consulted before you proceed.
