Chapter 13 Bankruptcy: A Matter of Definition

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In Part 1 of my two-part series discussing the issue of filing for bankruptcy after a previous bankruptcy had been filed, I mentioned "disposable monthly income" in the context of Chapter 13 bankruptcy and told you that this post would discuss it in detail. This isn’t the first time I have promised to discuss this topic.

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The plan is a central document in a chapter 13 bankruptcy, which, among other thing, provides the amount to paid by the debtor and the amount to be received by creditors. A debtor proposes the plan, which must meet the requirements of the bankruptcy code and be confirmed by a bankruptcy judge.

Chapter 13 "Debtor in Possession" Bankruptcy. In order to be confirmed by the court, the debtor must prove sufficient income to support a 3-5 year plan wherein payments on secured debt such as mortgages and auto loans (including arrears) and non-dischargeable items continue and unsecured creditors typically get paid a small portion of their debts.

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Chapter 13 bankruptcy allows private individuals to keep your property but must pay back a portion or the entirety of their debt over a 3- to 5-year period. Because the person pays most, if not all, of his or her debt, Chapter 13 is sometimes referred to as a “reorganization.” Under another section of.

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Chapter 13 bankruptcy is a method employed by consumers who have debts and are not in a position to pay them back. It is a way for them to restore their financial status and get back to a zero balance.

Chapter 13 bankruptcy is a repayment plan that allows the debtor to cure defaults on home mortgages, pay taxes, and discharge debts not dischargeable in Chapter 7 while protected from collection action.. Throughout the case, the debtor stays in possession and control of his assets.

Filing for either a Chapter 7 or Chapter 13 bankruptcy is a serious matter, and impacts your credit score and finances greatly. You should consider options other than bankruptcy, and you may be.