A Chapter 13 bankruptcy is also known as a personal reorganization or a wage earner’s bankruptcy. Chapter 13 is available to consumer debtors and self-employed debtors. Companies and partnerships cannot file under Chapter 13. In order to qualify for a Chapter 13 bankruptcy, a debtor must have a steady income that allows the debtor to make monthly payments to a trustee. The trustee uses these payments to pay the debtor’s creditors according to the debtor’s confirmed plan of reorganization.
The average term of a Chapter 13 plan is between three and five years. Once the debtor completes all of the payments under the plan, the debtor will be granted a discharge of all remaining unsecured debts that are eligible for a discharge.
Benefits of Filing a Chapter 13 Bankruptcy Case
Debtors file under Chapter 13 for several reasons. For example, if a debtor does not qualify for Chapter 7 because he or she earns too much one, the debtor can still find debt relief through a Chapter 13 bankruptcy. Other benefits of Chapter 13 include:
- Stop foreclosure, repossession and garnishments – By filing a
Chapter 13, you can stop foreclosures, repossessions and garnishments.
- Save your home from foreclosure. If your home is scheduled to be sold at foreclosure, you can stop the foreclosure sale by filing a Chapter 13 bankruptcy case. You can keep your home by paying the past due mortgage payments through your bankruptcy plan and resuming your normal payments to your mortgage company.
- Include domestic support arrearage – Domestic support arrearage is non-dischargeable meaning that you cannot erase past due alimony or child support. However, if you are behind and facing contempt charges, you can include the arrearage in your bankruptcy plan to stay out of jail. You must making all future support payments on time.
- Pay past due taxes – Most taxes are non-dischargeable; therefore, filing a Chapter 7 case will not erase those debts. You can file a Chapter 13 case and spread those payments out over a five-year plan so that you can pay your back taxes and stop garnishments and levies.
- Keep your property – If a debtor may lose property by filing a Chapter 7 case, he or she may be able to file a Chapter 13 case to protect the property from the court and his or her creditors.
Filing a Chapter 13 case has many benefits; however, the decision to file bankruptcy should not be made lightly. Consult an experienced bankruptcy lawyer to discuss all of your legal options to determine if filing bankruptcy is right for you.
Schedule a Free Consultation with an Experienced Southern New Jersey Bankruptcy Attorney
Travis J. Richards focuses his law practice on bankruptcy, debt consolidation and credit repair. For your convenience, I offer free bankruptcy consultations during normal business hours as well as on weekends and after-hours. Whether you need a Chapter 13 or a Chapter 7 bankruptcy, I will help you find an affordable solution to your debt problems.
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If you having problems with debt collectors in Burlington County or anywhere in South Jersey, call The Law Office of Travis J. Richards, LLC in Mount Holly at 609-267-5297 or use our convenient online contact form to schedule an appointment today.
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