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When do you file a Chapter 13 Bankruptcy

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One of the first questions people who are contemplating bankruptcy ask is which bankruptcy proceedings is the right choice, chapter 7 or chapter 13? We have just seen that you are eligible for filing Chapter 7 bankruptcy when you have minimal disposable income on hand and very little to no non-exempt property. When you have adequate disposable income, usually there is no need for filing bankruptcy. However, there are situations where you have disposable income but not enough to keep up with minimum debt payments. This is when you might consider filing a Chapter 13 bankruptcy.

This bankruptcy is also known as a reorganization bankruptcy. This petition allows you to restructure your loan liabilities to suit your disposable income subject to court approval. This can entail an extension of the loan repayment period. Under this arrangement, you make the payment to a Chapter 13 trustee, who then proceeds to appropriate the payments as per the orders of the Court. Your bankruptcy attorney will guide you how to proceed in the matter. The period of repayment is usually between three and five years.

Who is eligible to file a Chapter 13 bankruptcy?

The standards of eligibility are not strict. Let us see what they are. This is applicable to any person residing in the US.
Your bankruptcy attorney can help you more in this matter.

How is a chapter 13 different from a Chapter 7 bankruptcy?

You do not have a repayment plan in a Chapter 7 bankruptcy. A chapter 7 is a liquidation of non-exempt property. If you have unencumbered non-exempt property, the Chapter 7 trustee can attach the properties subject to the exemption available in different states. In some cases, exempt property (home with a mortgage) can be attached depending on the amount of equity.

In Chapter 13 bankruptcy there is a payment plan that you must adhere to. In a Chapter 13 bankruptcy, you can save your non-exempt property from attachments. A chapter 13 is also appropriate for people who don’t qualify for a chapter because their income is too high.

How is a Chapter 13 bankruptcy different from a credit consolidation?

There are two major differences.
You have just seen the salient points of a Chapter 13 bankruptcy.

William L Foster is the author of this article on Chapter 7 Bankruptcy. Find more information, about Chapter 13 Bankruptcy here
Added 3 months ago
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