What is Chapter 13 Bankruptcy?
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In addition to chapter 7 bankruptcy, another option for consumers to file bankruptcy is chapter 13. The biggest difference between ch 7 and ch 13 is that your property is liquidated in ch 7 in order to pay off your debts, any debts that are not paid off are then discharged. In ch 13 you create a payment plan in order to pay off a portion or all of your debts, without having to liquidate your property.
So what are the benefits of filing chapter 13 bankruptcy?
Protect Property – If you have a lot of property that would not be exempt and could possibly taken and sold in a ch 7, filing ch 13 will protect your property, including your home.
Stop Foreclosure – If you are facing foreclosure, a ch 13 can stop proceedings by allowing you to create a payment plan to repay missed mortgage payments and any legal fees that are due.
Repay Debts – If you have a moral obligation to repay your debts, setting up a realistic repayment plan can help you complete your debt obligations.
Include Attorney Fees – You can include your attorney fees for filing bankruptcy in your chapter 13 repayment plan.
Repayment plans are set up for 3-5 years, giving you a chance to pay your debts while being able to manage your other expenses. Under the new bankruptcy laws you can be forced into a chapter 13 if you have more than $10,950 in disposable income per year, or have between $6576 and $10,949, and can pay at least 25% of your unsecured debt. These numbers are determined by the bankruptcy means test.
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