When most people first learn of chapter 13 bankruptcy they have a lot of questions about what the process is like, what to expect and whether it is right for them. Here are 13 facts you need to know about chapter 13 to help you be debt free and determine if Chapter 13 bankruptcy is for you.
They run their businesses. There is no trustee tasked to sell assets. If an asset is worth more than the amount allowed to protect it, then the consumer has to pay for the value through their plan.
If income falls or is temporarily interrupted, the plan can be changed to accommodate the change by filing a motion to modify your payment plan.
If your income falls significantly you could always convert your case to a Chapter 7 bankruptcy if you qualify. You can get out of chapter 13 bankruptcy if you want at any time, unlike Chapter 7 bankruptcy where you are generally locked into the case.
No foreclosures, no repossessions and no garnishments will be able to hurt you moving forward. This helps if you need to buy some time to short sell the property or make other arrangements moving forward. This is called a cram down and the rate used is called the till rate which is about 3.
This can only be done if the car was purchased more than day prior to filing. This usually applies to 2 nd mortgages that can be stripped away by filing a motion to strip the lien.
If the taxes owed are recent, then they would have to be paid in full over the duration of your chapter 13 plan.
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New taxes are considered priority debts and must be paid in full. Older taxes can be treated as unsecured debts, just like a credit card or medical bill. This is generally not the case in Ch.
If the monies owed is for maintenance or support of children, the debt will never be discharged. Some penalties may need to be paid off in your plan, while others may be discharged. Your attorney will need to know about each ticket and number so that they can list them completely in your bankruptcy filing.
The court or the department of licensing will need to be notified of your filing and you can provide your case number once your case is filed.
Additionally you can file a Chapter 13 bankruptcy right after a Chapter 7 bankruptcy case if you have to deal with some non dischargeable debts through a repayment plan, such as mortgage arrears. Unlike debt settlement arrangements, your repayment plan is enforced by a federal judge.
All creditors are required to go along. Chapter 13 bankruptcy can be more beneficial if you want to feel safe and get the protection of having the automatic stay in place.
That means that creditors cannot call or attempt to collect on debt while you are in the plan. If you live in Washington state and have additional questions about whether a chapter 13 bankruptcy is right for you, give Symmes Law Group a call at to learn about your options.
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How Can Chapter 13 Bankruptcy Help You Be Debt Free When most people first learn of chapter 13 bankruptcy they have a lot of questions about what the process is like, what to expect and whether it is right for them. Latest Seattle Bankruptcy News Articles. Symmes Law Group is a proud member of the following organizations:.
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