Chapter 13: BILL CONSOLIDATION PLAN
A Ch. 13 Bankruptcy is designed for individuals with regular income who would like to pay some debts in installments over a period of time.
NOTE: The amount creditors receive depends on your income. After completing the payments under your plan, your debts are generally discharged. In most instances, the unsecured creditors only receive “pennies on the dollar.” This means you may owe $30,000.00 to your unsecured creditors; however, depending on your income, you may only have to pay them a few hundred dollars.
These are following guidelines this bankruptcy follows:
- 3-5 year plan (depending on numerous factors)
- You must file a plan with the Court
- Must be approved by the Court
- Attorney develops a plan for you
- Can include the amount behind on a mortgage
- Can include the amount behind on a vehicle
Ch. 13 Bankruptcy Can Include:
- Credit cards
- Medical bills
- Signature loans
- Payday loans
- Collection agency
Ch.13: Some Debts ARE NOT Discharged:
- Domestic support obligations
- Most student loans
- Certain taxes
- Most criminal fines and restitution obligations
Certain debts which are not properly listed in your paperwork
- Certain debts for acts that caused death or personal injury and contain long term secured obligations
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