main component of Chapter 13
bankruptcy laws is a repayment plan which allows you to keep your
properties, but you are expected to pay
off a portion or all of your debts over a 3-5 year period.
The amount you have to pay depends on your income.
you have to submit to the court:
Financial Records - You must include all
assets and total monthly expenses.
- You must clearly illustrate how you are going to pay all or a portion
of your debts to your creditors over a 3-5 year repayment period.
- Maximum Secured Debt Limit -
- Maximum Unsecured Debt Limit -
- Minimum Debt Limit - None
- Income is at or below your state's median. Payments are
determined by actual expenses instead of IRS guidelines.
5-Year Plan - Income
is above your state's median. IRS collection standards
Bankruptcy Chapter 7 or Chapter 13:
you had previously had a discharge from Chapter 7, 11, or 12 within the
last 4 years, or a prior Chapter 13 case filed within 2 years of your
new case, you are not eligible to file for Chapter 13.
eligibility to file Chapter 13 may be affected by your
non-dischargeable debt such as income taxes, child support, alimony,
personal injury liabilities from drunk driving. Your
plan has to account for these debts to be paid over a period of 5 years
Chapter 7 Bankruptcy Laws
Foreclosure and Bankruptcy
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