Chapter 13 Bankruptcy Laws
Personal
Financial Reorganization
The 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.
What you have to submit to the court:
3-Year Plan - Income is at or below your state's median. Payments are determined by actual expenses instead of IRS guidelines.
Previous Bankruptcy Chapter 7 or Chapter 13:
If 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.
Non-dischargeable Debt:
Your 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 repayment plan has to account for these debts to be paid over a period of 5 years or less.
Chapter 7 Bankruptcy Laws
Foreclosure and Bankruptcy
Return From Chapter 13 Bankruptcy Laws To Foreclosure-Help-Center Homepage
The 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.
What you have to submit to the court:
- Complete Financial Records - You must include all assets and total monthly expenses.
- Viable Repayment Plan - 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 - $922,975
- Maximum Unsecured Debt Limit - $307,675
- Minimum Debt Limit - None
3-Year Plan - 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
determine expenses.
Previous Bankruptcy Chapter 7 or Chapter 13:
If 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.
Non-dischargeable Debt:
Your 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 repayment plan has to account for these debts to be paid over a period of 5 years or less.
Chapter 7 Bankruptcy Laws
Foreclosure and Bankruptcy
Return From Chapter 13 Bankruptcy Laws To Foreclosure-Help-Center Homepage
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