Caitlina Fuller asked:




Chapter 13 bankruptcy is just another way to reduce your debt but to do so while keeping some of your valuable assets. Arizona bankruptcy lawyers can help you handle a chapter 13 bankruptcy and walk you through the process so everything goes as planned as goes as quickly as possible. You might be wondering whether a chapter 13 bankruptcy is something you would be able to go through. And, if you are over your head in debt and don’t know what to do but aren’t interested in losing your big assets like your home then a chapter 13 bankruptcy is the perfect opportunity. Phoenix, Arizona bankruptcy lawyers will explain to you that by filing this type of bankruptcy you make a plan to pay back your debts over a period of time, which is usually three to five years. The great thing is that you can keep valuable assets that are not covered by exemptions. With a Chapter 13 individuals will be making monthly payments and in some cases biweekly payments so anyone filing for this type of bankruptcy needs a constant source of income.

There is then a confirmation hearing in a court of law. At this meeting the proposed repayment plan will be reviewed and it will be determined whether or not the plan meets the Bankruptcy Code. The biggest difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy is that in 13 individuals keep their property and assets and make payments based on their income in order to pay off creditors.

With this type of bankruptcy the debtor does not see his debts erased but rather must make appropriate payments until the plan is achieved and a discharge is received. While the debtor is in repayment he will be protected by things such as garnishments, lawsuits, and any other type of action by creditors. More debts are eliminated under the Chapter 13 plan than under the Chapter 7 plan.

You need to evaluate your financial situation and determine which bankruptcy is the best option for you. You will want to talk with a lawyer to get some guidance to ensure you are on the right path and making the best decisions for you. After reviewing your financial situation, your assets, and your income stream you will be able to make the best decision. Make sure all your questions are answered before going ahead, though.

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Amit Patel Bhawani asked:




Chapter 13 Bankruptcy means to file for bankruptcy under chapter 13. The debtor files for chapter 13 and along with this, a repayment plan has also to be submitted. A plan called as wage earner plan is set by the lawyer and it is approved by the judge. The plan consist of the monthly deductions which is passed by the judge for paying to the creditors. This plan will suggest that you can pay your mandatory debts over the three or five year repayment period. Once the wage earner plan gets completed, lasting between 3 to 5 years, a discharge is granted by the judge. If the debtor fails to pay between 3 to 5 years, then he will be fined for 10 years. It is important to know that within 6 months of completion of the wage plan, the judge will come to a decision whether the debtor has to be given a discharge ( to be released from his debts) or not. The judge will decide on the basis of the debtor’s status with regard to the completion of the wage earner plan.

Chapter 13 bankruptcy is also called as reorganization bankruptcy. Before you file for bankruptcy, you must seek for advice from a credit counselor or from an approved agency. In my opinion, chapter 13 bankruptcy is not meant for everyone. When you file for chapter 13 bankruptcy, you must be aware of the fact that you will have to agree in the court with proof that you can repay all or a portion of your debts over a time period. According to chapter 13 bankruptcy, you are allowed to keep your property with you but you will have to use your income for repayment of your debts. Hence, to file a chapter 13 bankruptcy, you must have a stable income so that your deductions will be done.

Filing a chapter 13 bankruptcy includes filling of forms whereby you have to disclose your property and debts etc. Filing a chapter 13 bankruptcy is meant for those who can pay off certain debts over a period of time and who have enough income standing in order to be eligible for filing chapter 13 bankruptcy. In chapter 13 repayment plan, you will have to show how you propose to pay your mandatory debts relating to your child support, tax arrears etc and also details about being able to pay your other debts over a period of time. When you submit your repayment plan in the court, you must have valid proof to do so. You must also have valid proof showing that you can pay your mandatory debts and perhaps repay all or a portion of other debts, over the three or five year repayment period.

Most of the courts prefer the debtors to file chapter 13 bankruptcy code over other bankruptcy laws. Once the court approves the chapter 13 plan, the creditors can take no action outside the plan’s scope to collect their debts. Once chapter 13 plan is fulfilled and completed, the debtor gets a discharged by the court. To be discharged means the debtor is released from his debts. A discharge is granted by the judge once the debtor completes the wage earner plan consist of proposed schedule monthly deductions that is approved by the court and it is this monthly deducted amount will finally go towards paying the creditors.

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Rocco Beatrice asked:




Prior to filing for bankruptcy you should consult with a lawyer regarding changing laws. The newest bankruptcy laws went into effect during 2005 and have made the filing process more difficult and expensive. A new provision to the bankruptcy law stipulates that a person must meet with a credit counselor and attend money management courses before their debt is discharged.

If you are contemplating filing for bankruptcy you should be aware there are two types of bankruptcy, Chapter 7 and Chapter 13, and each has its advantages and disadvantages. You should also familiarize yourself with the difference between secured and unsecured debt, as this will help you to protect your most valuable assets during bankruptcy.

WHAT IS CHAPTER 7 BANKRUPTCY?

Chapter 7 bankruptcy is intended to give people a fresh start. Assets are liquidated and used to pay creditors, although if you do not have assets of real value there is a chance to have your debt removed without giving much to the credit card companies. The new law makes filing for Chapter 7 more difficult because if your income is above your state’s median, and a judge determines you are financially able to pay at least twenty-five percent of the unsecured debt you will not be allowed to file.

WHAT IS CHAPTER 13 BANKRUPTCY?

You can make an appeal to the court that you have special circumstances, such as a natural disaster or severe illness, which further prevents you repaying the debt but most lawyers at this point will advise you to consider Chapter 13 bankruptcy. Chapter 13 bankruptcy puts you on a repayment plan with the creditors for a period of at least five years. The interest rates are often much lower than the original debt, and you are not responsible for debt unless it is specifically stated in your repayment plan. Under the new law courts will apply pre-set standards determined by the IRS to compute how much money you should allocate towards housing and food, and how much money you should have left to pay off your debt.

WHAT IS SECURED DEBT?

Once you and your lawyer have determined how you will file for bankruptcy, you should begin itemizing your assets and labeling your debt as secured and unsecured. Secured debt is credit given to you based on the value of the property you bought, such as a car loan. Should you fail to make payments the creditor with a secured interest in the property may have the item seized, and if the item is now worth less than your debt the creditor may sue you to make up the difference.

WHAT IS UNSECURED DEBT?

Unsecured debt is credit given to you solely on your promise to repay at a later date. An excellent example of unsecured debt is a credit card. Failure to pay unsecured debt may cause the creditor to obtain a judgment against you, and once this happens there is no hope of protecting your assets until your debt has been settled.

A creditor may obtain a judgment against you if your debt has remained unpaid for a long period of time, the balance of the debt is very high, or a combination of both. Once a judgment is obtained you are forced, by law, to pay back the debt you owe. To achieve this goal the creditor may request TO garnish your wages or even put a lien on your house to satisfy the debt.

HOW TO ITEMIZE YOUR ASSETS TO PAY DOWN DEBT

When itemizing your assets you should consider the value of your property in terms of what you could sell it for. Some debts such as your mortgage and taxes will not be absolved after you file bankruptcy, and you may consider selling some of your assets to pay down on these debts. Once you have taken stock of your assets, you can determine which of these assets are considered exempt property and untouchable by creditors.

Some states have very liberal homestead exemptions which allow you to keep a certain amount of your equity which will allow you to rebuild after declaring bankruptcy. States such as Florida and Texas allow you to keep all the equity in your home, whereas states like Alabama only allow you to retain the first $5,000. In states with more liberal homestead exemptions it may be to your benefit to use liquid assets to pay down on your equity. You can also refinance the equity from your homestead exemption and use the money to pay down on your unsecured debt.

OTHER LEGAL OPTIONS TO PROTECT YOUR ASSETS DURING BANKRUPTCY

Other legal options for protecting your assets during bankruptcy are making annual contributions to your IRA or other pension plan. It is important to consult with an attorney to make sure your pension plan complies with federal standards for bankruptcy exemption before you move any funds from existing accounts. You may also tie up money by purchasing additional life insurance, obtaining an offshore annuity, or by gifting certain assets.

If you choose to transfer ownership of your assets, make sure this transfer is permanent since you are taking an oath when you file bankruptcy that you have accurately presented all of your assets for consideration in repaying debt. Your actions within the last ninety days before you file for bankruptcy will be highly scrutinized in court, and any suspicious activity may result in a denial of your case.

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meow0724 asked:


My husband and I are in serious debt, and we are talking to an attorney to look at bankruptcy. We don’t qualify for chapter 7 so 13 is our only option. I am worried that the repayment plan, which will last for 5 years, will not allow us to save any money. Which will intern not really make our situation any better, just ruin our credit in the process.

Has anyone had any experience with this? Is the plan fair?

Henry W asked:


I am right now in the middle of a pro se Chapter 13 filing. With the debts that I have that are unsecured and some that are secured debts, can I offer a plan to to the court which will offer the creditors less than they are actually owed by me?

I realize that the creditors could and very well may object to the repayment plan but perhaps they may take the lower offer. I’m not sure.

Any help please???

Magic asked:


I am right now in the middle of a pro se Chapter 13 filing. With the debts that I have that are unsecured and some that are secured debts, can I offer a plan to to the court which will offer the creditors less than they are actually owed by me?

I realize that the creditors could and very well may object to the repayment plan but perhaps they may take the lower offer. I’m not sure.

Any help please???

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hunbunny22 asked:


I’m very behind in all my bills and have lots of debt (excluding credit card debt) and am considering filing chapter 13. I have already been to the .gov website and read up on a lot of information about filing and everything.

What I was wanting help with is I’d like to hear from people who have already filed chapter 13 bankruptcy and are currently in their 3-5 year repayment plan or people who have come out of it already.
I can read information all day long but theres nothing like hearing from people who have already been through it. Was it worth it? Pros? Cons? Any advice? Thoughts?

Anything would help and be greatly appreciated.

jeffrey asked:


My wife and I are filing chapter 13 bankruptcy. Our lawyer told us today that we would have to go to 2 hearings in court once we sign the papers for the bankruptcy. What exactly happens at these hearings? Are we going to get bombarded with questions by lawyers from the creditors? Is it a fairly smooth process I mean once we sign the papers the trustee has approved the repayment plan right?