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Filing Chapter 13 may give you a real way to repay your debts.
If your various debts have grown past the point where you may afford to repay them, then filing Chapter 13 bankruptcy may be the right choice for you. Setting up a sensible and manageable repayment plan is considered to be the centerpiece of Chapter 13 bankruptcy cases.
Your repayment plan should be an agreement between you and your creditors in which your creditors agree to forgive a portion of your debts to them in exchange for your commitment to repay your reduced debts over time. Most plans require you to make monthly payments to the bankruptcy trustee, a federal official who is appointed by the court to oversee your case and someone who in turn makes distributions to your creditors. Typically, your repayment plan should last from three to five years. While you are making payments under a repayment plan, your creditors may not take any collection actions against you, and they are required by law to abide by the terms of your repayment plan.
Not everyone qualifies for Chapter 13
You may qualify for a Chapter 13 case if you can satisfy the following three requirements:
You must have a regular source of income. Because you must be able to meet the terms of your repayment plan, your income has to be "stable and regular".
You must have enough disposable income. The law requires you not only to have a "regular" source of income, but also have income left over after your expenses for basic human needs each month to allow you to make your monthly payments in a timely fashion. Courts may often require you to submit a proposed budget to see if you can satisfy these requirements.
Your debts must not be too high. If your secured debts exceed $922,975, you are not eligible for a Chapter 13. Also, your unsecured debts may not exceed $307,675 -- unsecured debts are debts for which you have not pledged any of your property as collateral-such as most credit card debt, personal loans, and utility bills.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.