Chapter 13 Bankruptcy: Wage Earner Plan | Buffalo NY Bankruptcy Lawyer
04:02:00 pm, by admin , 355 words
Chapter 13 Bankruptcy - Save Your House From Foreclosure, Bankruptcy Lawyer Buffalo NY
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a wage earner's plan. Chapter 13 allows individuals with regular income to propose a plan to repay all or part of their debts. The plan sets forth an agreement to make installment payments to creditors over a three to five year period. After the plan is confirmed by the Court, the law forbids creditors from starting or continuing collection efforts. After the plan is paid in full the debtor(s) will be granted a "discharge" from all dischargeble debts.
Why do debtors choose Chapter 13 over Chapter 7
Primarily, individuals choose Chapter 13 to save their homes from foreclosure by curing delinquent mortgage payments over time in the plan (however, regular mortgage payments must still be made on time outside the plan).
Chapter 13 Eligibility?
1) Any individual is eligible for chapter 13 relief as long as the individual's secured debts are less than $1,149,525, and unsecured debts are less than $383,175.
How much does it cost to file a chapter 13?
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