Introduction to Chapter 13 Bankruptcy
Chapter 13 bankruptcy is the chapter of the bankruptcy code that provides for the adjustment of debts of an individual with regular income. A Chapter 13 bankruptcy will allow a debtor to keep his or her property and pay down debts over a period of time,
Tiffany Accessories, usually from three to five years.by AlanAlder
Chapter 13 bankruptcy is the chapter of the bankruptcy cipher that provides for the adjustment of debts of an alone with regular income. A Chapter 13 bankruptcy will allow a debtor to keep his or her property and pay down debts over a period of time,
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A chapter 13 bankruptcy is aswell alleged a wage earner's plan. It enables individuals with regular income to develop a plan to accord all or part of their debts.
The affection of the Chapter 13 bankruptcy is the Chapter 13 Plan, which the debtor proposes as a way of making payments to creditors over a three to five year period. The period can be as little as 3 years if the debtor's current monthly income averaged over the last six months is below the state median.
If the debtor's accepted monthly income is greater than the applicative accompaniment average,
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There are abounding advantages a Chapter 13 has over a Chapter 7 liquidation bankruptcy. One big advantage is that a Chapter 13 allows individuals a adventitious to save and keep their homes when facing a foreclosure.
By filing beneath this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless,
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Another advantage Chapter 13 has over Chapter 7 is that secured debts (added than a home) can be crammed-down or rescheduled and continued over the activity of the bankruptcy. This generally means substantially lower monthly payments.
Chapter 13 also provides aegis for third parties who are liable with the debtor on consumer debts. This agency that co-signers on loans fabricated with the debtor can be adequate from creditor actions. The Chapter 13 Plan also acts like a alliance loan where the debtor pays the Chapter 13 trustee who then disburses the money to creditors. Thus,
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