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How will Chapter 13 affect my life?
Chapter 13 is a debt restructure plan with repayment of certain debts. It is designed to create breathing room for debtors in order to change their lifestyles to repay their debts. As a debtor under Chapter 13 protection, you will need to maintain contact with your attorney and trustee on file.
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The court expects you to change your lifestyle. With trustee monitoring your financial attitudes, your case can be reopened to enlarge the payment, or dismiss it, opening the way for creditors to pursue you in a court of law with each creditor filing a separate lawsuit. This will translate into larger legal fees.
Your credit history will be affected resulting in dismissed or downgraded credit limits. You will not lose your personal property as long as you make your payments. After your case is discharged, your credit history might return to normal, with certain limitations. Your employer can’t fire you as such action in prohibited by federal law. Creditors, named in your bankruptcy case, will cease to contact you except via trustee.
Your credit history will be affected resulting in dismissed or downgraded credit limits. You will not lose your personal property as long as you make your payments. After your case is discharged, your credit history might return to normal, with certain limitations. Your employer can’t fire you as such action in prohibited by federal law. Creditors, named in your bankruptcy case, will cease to contact you except via trustee.
What is a Chapter 13 bankruptcy?
A Chapter 13 bankruptcy is a debt repayment plan allowing debtors to reconstruct their lifestyle to accommodate a drastic change. Very different from Chapter 7, Chapter 13 requires debtor to repay back a portion of their debt in the form of monthly payments. A trustee is assigned the case to act in favor of the creditors with rights to enforce judgment of debtors who fail in their obligations.Chapter 13 bankruptcy lasts anywhere from 3 to 5 years depending on the repayment plan. Certain debts will be dismissed while other debts will become part of the payment plan. The payment plan itself varies depending on the current income level maintained by the debtor. Thus, if the debtor’s income increases, the payment amount will increase accordingly.
Chapter 13 allows debtors to maintain certain credit lines open. It also allows debtors to maintain title for secured debts, such as real estate. For distressed homeowners, Chapter 13 filing may save their homes by forcing lenders to accept reduced payments for a certain period of time.
Debtors who used the service of an attorney at law become his/her client until their case is discharged by the bankruptcy court. If a debtor changes his/her address, debtor must notify trustee, his/her attorney, and the court. In a Chapter 13 bankruptcy, debtor carries much of the responsibilities associated with their case.
Chapter 13 allows debtors to maintain certain credit lines open. It also allows debtors to maintain title for secured debts, such as real estate. For distressed homeowners, Chapter 13 filing may save their homes by forcing lenders to accept reduced payments for a certain period of time.
Debtors who used the service of an attorney at law become his/her client until their case is discharged by the bankruptcy court. If a debtor changes his/her address, debtor must notify trustee, his/her attorney, and the court. In a Chapter 13 bankruptcy, debtor carries much of the responsibilities associated with their case.
What are the required documents for a Chapter 13?
The following is a list of documents required for chapter 13 bankruptcy:- Copies of the last two years Federal tax returns
- Copies of all your debts
- Copies of your paycheck stubs
- Certificate of Credit Counseling
- Copies of all financial records (such as checking accounts)
- Detailed list of monthly expenses
- List of assets
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