CHAPTER 13 BANKRUPTCY

Chapter 13 Bankruptcy Attorneys and Lawyers


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The Law Office of Neil E. Colmenares, P.C. are Chapter 13 Bankruptcy Attorneys and Lawyers who will evaluate your financial situation with a initial consultation , provide you with Bankruptcy information so you can decide if filing personal Bankruptcy is right for you and help you get rid of debts. Save your home and file Chapter 13 Bankruptcy to stop foreclosure. If you are fed up with harassment because of debt problems, creditors calling you at work, call us for a consultation and get the advice you need.

One of the greatest things about Chapter 13 Bankruptcy is you can GET RID OF SECOND MORTGAGES on your home if certain conditions are met. For example, if your home is worth $500,000.00 and you have a first mortgage for $500,000.00 and a second mortgage for $300,000.00, you can get rid of that second $300,000.00 mortgage in Chapter 13 Bankruptcy!!!

Chapter 13, in its simplest form, is a court supervised repayment plan. How much has to be repaid depends on the facts of each case. Chapter 13 has traditionally been used by people who are in foreclosure, people who would lose property they want to keep if they filed Chapter 7, people who would have to repay certain debts in Chapter 7 that are dischargeable in Chapter 13 and people who are ineligible to file Chapter 7.

In general, people filing Chapter 13 are able to get a discharge while repaying only pennies on the dollar. The following article is a brief overview of Chapter 13.

Chapter 13 Overview

Chapter 13 is a reorganization proceeding available only to individuals (not corporations) who have “regular income.” The purpose of Chapter 13 is to enable a financially strapped individual to repay their debts accordingly to the principles enunciated in the Bankruptcy Code for a certain length of time under court supervision and protection.

In Chapter 13, the debtor submits a “plan” to repay creditors in a three to five year period. Unsecured creditors must receive at least as much in a Chapter 13 as they would in a Chapter 7. The debtor commits their “disposable income” to the court appointed trustee as part of the repayment to creditors. As a benefit, the debtor gets to keep their property (with limitations). Once the Bankruptcy Court “confirms” the Debtor’s plan, all creditors are bound by the plan regardless of whether the Debtor continues making payments under the plan!

Administration of a Chapter 13 case is somewhat different than Chapter 7. In Chapter 7, anything acquired by the Debtor after the filing of the petition is not considered property of the estate. Under Chapter 13, on the other hand, until the final payment under the confirmed plan is made, all property of the Debtor acquired both pre-petition and post-petition are considered property of the estate.

Chapter 13 has some interesting features that the other Chapters do not. For example, there is a Co-Debtor stay that acts as a stay against the commencement or the continuation of a civil action against an individual that is liable with the Debtor. Chapter 13 also provides for a “Super Discharge” (which has been limited due to the “reforms” which took effect on 10/17/05) of debts that are otherwise non-dischargeable in a Chapter 7 proceeding such as debts resulting from a willful and malicious injury 11 U.S.C. 523(a)(6), Debts incurred to pay non-dischargeable tax obligations under 11 U.S.C. 523(a)(14) and (14A) and Debts arising from property settlements in divorce or separation proceedings, as provided under 11 U.S.C. 523(a)(15). Finally, Chapter 13 allows a Debtor to withdraw the petition. This is in contrast to Chapters 7 and 11 which require court approval.


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