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Chapter 13 is a reorganization bankruptcy designed for debtors with regular income who have enough left over each month to pay back at least a portion of their debts through a repayment plan. Chapter 13 allows people who have significant income or assets to restructure their debt in a way that will allow them to pay back some or all of their liabilities in monthly installments over a set period of time. A Chapter 13 Bankruptcy Plan can be worked out that will provide you with fixed payments for three to five years with no more interest or penalties. This can be used to either eliminate some of your debt or to catch up when you are late on mortgage payments or other secured loans.
In Chapter 13 bankruptcy, you get to keep all of your property (including nonexempt assets—however you’ll have to pay creditors an amount equal to the value of your nonexempt property). In exchange, you pay back all or a portion of your debts through a repayment plan (the amount you must pay back will depend on your income, expenses, and type of debt).
Typically, Chapter 13 bankruptcy is for debtors who:
Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's unsecured debts are less than $419,275 and secured debts are less than $1,257,850. 11 U.S.C. § 109(e). These amounts are adjusted periodically to reflect changes in the consumer price index. A corporation or partnership may not be a chapter 13 debtor.
An individual cannot file under chapter 13 or any other chapter if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. 11 U.S.C. §§ 109(g), 362(d) and (e). In addition, no individual may be a debtor under chapter 13 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. 11 U.S.C. §§ 109, 111. There are exceptions in emergency situations or where the U.S. trustee (or bankruptcy administrator) has determined that there are insufficient approved agencies to provide the required counseling. If a debt management plan is developed during required credit counseling, it must be filed with the court.
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LAW OFFICE OF FLOR A. TATAJE
flor@tatajelaw.com
1031 McHenry Ave., Ste 20, Modesto, CA 95350
PO Box 1906, Turlock, CA 95381
(209) 410-9410
(fax) 252-0067
THE LAW OFFICE OF FLOR A. TATAJE IS A DEBT RELIEF AGENCY. THE LAW OFFICE OF FLOR A. TATAJE ASSISTS PEOPLE IN FILING FOR PROTECTION UNDER THE UNITED STATES BANKRUPTCY CODE.