Comments on: Define Bankruptcy, Chapter 13? http://chapter13bankruptcyrules.org/define-bankruptcy-chapter-13 Chapter 13 Bankruptcy Rules Tue, 02 Nov 2010 22:47:56 +0000 hourly 1 By: heart_and_troll http://chapter13bankruptcyrules.org/define-bankruptcy-chapter-13#comment-392 heart_and_troll Tue, 15 Dec 2009 14:37:56 +0000 http://chapter13bankruptcyrules.org/define-bankruptcy-chapter-13#comment-392 You didn';t listen, or he didn't explain. You either don't qualify for Ch 7 (wipe slate clean), or he's lame. Ch 13 is reorg - you have to plan to pay things back, late, and at better terms than before, but still pay back (like you should - you borrowed, signed your name, it's on you!). Comes to $50K? How much did you borrow? Why didnt you think about that before borrowing? Not debt consolidator. Get 2d opinion or better explaining lawyer, or ask current prospective atty to explain it to you in plain english. You didn’;t listen, or he didn’t explain. You either don’t qualify for Ch 7 (wipe slate clean), or he’s lame. Ch 13 is reorg – you have to plan to pay things back, late, and at better terms than before, but still pay back (like you should – you borrowed, signed your name, it’s on you!).

Comes to $50K? How much did you borrow?

Why didnt you think about that before borrowing?

Not debt consolidator. Get 2d opinion or better explaining lawyer, or ask current prospective atty to explain it to you in plain english.

]]> By: lawgirl http://chapter13bankruptcyrules.org/define-bankruptcy-chapter-13#comment-391 lawgirl Tue, 15 Dec 2009 10:06:45 +0000 http://chapter13bankruptcyrules.org/define-bankruptcy-chapter-13#comment-391 Chapter 13 is a repayment plan. How much of your debt you pay back depends on several factors, such as your income, your household size, the amount of debt you owe, the type of debt you owe(secured vs. unsecured), etc. You may have to pay all of it, or a very small amount. Chapter 13's are good for those who have a foreclosure action against them, have nondischargeable debt, make too much money, have a car in danger of being repossessed, have filed a 7 in the past, or just want to pay some back. If you are looking to eliminate all of your debt, you would need to do a Chapter 7. You need to qualify, however. They look at your income for the past 6 months, and the median income for your state. Chapter 13 is a repayment plan. How much of your debt you pay back depends on several factors, such as your income, your household size, the amount of debt you owe, the type of debt you owe(secured vs. unsecured), etc. You may have to pay all of it, or a very small amount. Chapter 13′s are good for those who have a foreclosure action against them, have nondischargeable debt, make too much money, have a car in danger of being repossessed, have filed a 7 in the past, or just want to pay some back.

If you are looking to eliminate all of your debt, you would need to do a Chapter 7. You need to qualify, however. They look at your income for the past 6 months, and the median income for your state.

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