If you are behind on your mortgage, car payments or other debt, sometimes a little extra time is all you need to get back on track. Speak to a Chapter 13 Bankruptcy Attorney today to discuss your options.
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- Chapter 13 Bankruptcy Overview
- Keep All of Your Property, Whether Exempt or Not
- Repay A Portion of Your Unsecured Debt
- Video on Chapter 13 Bankruptcy
- How Much Are My Chapter 13 Payments?
- How Long Will My Chapter 13 Bankruptcy Last?
Chapter 13 Bankruptcy Overview
Chapter 13, also known as a wage earner bankruptcy, is designed to help people with regular income keep their home, cars, and other non-exempt property, all while giving them the essential time to repay a portion of their debt, interest free and without late fees and penalties.
Filing Chapter 13 enters you into the Bankruptcy Court’s supervised repayment program. You submit a proposed plan to the Court with terms based on your disposable income. Upon approval, you make one monthly payment that is applied toward all of your debts. At the end of the program, any remaining unsecured debt typically gets wiped out and other secured debts can be discharged as well.
While debtors typically repay only a part of their debt, the greatest benefit to a chapter 13 is time – time to get your finances and life back on track, all interest free, without late penalties, and without creditor harassment. Consult a Chapter 13 Bankruptcy Lawyer from The Law Offices of Paul Y. Lee Today to discuss your options.
Keep All of Your Property, Whether Exempt or Not
Unlike the restrictions in a Chapter 7 Bankruptcy, with a Chapter 13 bankruptcy, you can keep all of your property including your:
- Home, Vacation Homes, Investment Properties
- Vehicles, RV’s & Motorcycles
- Business Property, Assets & Inventory
- Any property that was otherwise not exempt
Repay A Portion of Your Unsecured Debt
Chapter 13 Lawyer can help you reduce your unsecured debt obligations significantly, e.g. credit cards, charge cards, medical bills and more.
- Home, Vacation Homes, Investment Properties
- Vehicles, RV’s & Motorcycles
- Business Property, Assets & Inventory
- Any property that was otherwise not exempt
- Have time to repay your debt
- Have a reduction of your unsecured debt (priority debts must be paid in full, e.g. back taxes.
- Have a discharge of remaining unsecured debt at the end of your plan,
- Have less damage done to your credit than a Chapter 7
Video on Chapter 13 Bankruptcy
Chapter 13 Bankruptcy Attorney for Declaring Bankruptcy, Bankruptcy Rules, Filing Chapter 13, Chapter 13 Bankruptcy Information and More
How Much Are My Chapter 13 Payments?
That depends on your disposable income, i.e. income (does not include child support payments received) less amounts reasonably necessary for the maintenance or support of the debtor or dependents and less charitable contributions up to 15% of the debtor’s gross income. The amount of your maintenance, i.e. expenses, is determined by a combination of state guidelines and actual expenses that must be approved by the Court. If the debtor operates a business, the definition of disposable income excludes those amounts which are necessary for ordinary operating expenses. Call Us for a Free Consultation with a Bankruptcy Lawyer.
How Long Will My Chapter 13 Bankruptcy Last?
- 3 Years: A Chapter 13 plan will last three years if current monthly income is less than the state median for a family of the same size. Less than 3 if unsecured debt is paid in full over a shorter period.
- 5 years: A Chapter 13 plan will last five years if the current monthly income is greater than a family of the same size. Less than 5 if unsecured debt is paid in full over a shorter period.
Because the Chapter 13 bankruptcy laws are complex and underwent major changes in 2005, even the US Bankruptcy Court advises that you consult a skilled Chapter 13 Bankruptcy Attorney to review your individual circumstances prior to any filing.
The Law Offices of Paul Y. Lee is a Bankruptcy Lawyer Firm. We represent clients who seek bankruptcy advice and look to discharge debt through Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. Contact Us now and an experienced Riverside Bankruptcy Attorney or Orange County Bankruptcy Attorney can help you today.
What this page covers
Filing Chapter 13 Bankruptcy, Bankruptcy, Chapter 13 Bankruptcy Rules, Bankruptcy Repayment Plan, Wage Earner Bankruptcy, Chapter 13 Bankruptcy Information, Secured and Unsecured Debt, Riverside Bankruptcy Law Firm, Declaring Bankruptcy, Bankruptcy Lawyers.
