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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.
What else can I help you with?
Can you move 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.
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.
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.
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
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.
How soon after a discharged chapter 13 can a person file a chapter 7?
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.
When can you file for a chapter 13?
Any time the Federal Bankruptcy courts are open...which is basically any business day.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.
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 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)
