Chapter 13

Chapter 13 is one of several different types of bankruptcy that allow you to repay your debts, or relieves you of your responsibility to pay off your debts. There are two types of bankruptcy, liquidation and reorganization. Chapter 13 bankruptcy is a reorganization bankruptcy that is designed to help consumers create a plan for repaying debts rather than simply discharging them completely. This is the more advantageous form of bankruptcy because it does not put as negative a mark on one's credit report.

Ch. 13 Dischargeable Debts
On completion of all the payments prescribed under the Chapter 13 plan a debtor is entitled to be discharged. However, there are certain debts that will not be discharged. Obviously, debts that were not included in the plan will not be affected by the discharge, and will remain outstanding. Priority debts such as bankruptcy fees will also need to be paid. Aside from these, other debts that survive the discharge can include long term obligations such as home mortgages, the majority of educational loans, child support payments & alimony, personal injury payments...
Chapter 13 Bankruptcy
Chapter 13 bankruptcy offers a debtor adjustment of debts if the petitioner has a regular income. The petitioner has the opportunity to keep his/her property while the debt is paid in full or in part over a three to five year period. This is why chapter 13 bankruptcy is also referred to as a wage earner's plan. This chapter allows the debtor to put forward a repayment plan where he/she makes installment payments to the creditors.
Individual Debt Reorganization
Chapter 13 is sometimes called a “wage-earner’s plan” in that it allows a person who has a steady income to reorganize debts over a fixed period of time. This period is either three years, for those who earn under the state median, or five years for those who earn over that amount. It can be helpful in that it allows individuals to reorganize their debts without risking foreclosure on their home. Qualifying individuals cannot have more than $336,900 worth of unsecured debts, and less than $1,010,650 secured debts, although this is subject to adjustment on a periodic basis.
Personal Bankruptcy Options
Personal bankruptcy is the determination that an individual is insolvent and is unable to pay their creditors. Personal bankruptcy is classified by chapters according to the Administrative Offic

Pros and Cons of Ch. 13
Filing Bankruptcy under Chapter 13 has numerous benefits, perhaps the most obvious of which is that you do not have to forfeit any of your property. There is also no requirement to offer collateral for this type of consolidation, which means that the equity that you do have is not put at (further) risk. Once you have filed under Chapter 13, the bankruptcy court issues an “automatic stay”...
Repayment Plans
Understanding bankruptcy repayment plans first requires an understanding of Chapter 7 and Chapter 13 bankruptcy filings. Chapter 7 bankruptcy is a liquidation bankruptcy. This means that the filing debtor’s non-exempt assets will have to be sold or liquidated in order to pay off all creditor claims. In exchange for this action, the debtor’s debts, as in the obligation to pay, are dismissed. While all debts can be discharged with Chapter 7, not all liens (as in mortgage notes) will be likewise discharged.
Types of Bankruptcy Cases
There are three main types of bankruptcy cases. These are referred to by their chapter number in the Bankruptcy Code. Chapter 7: This type of bankruptcy is referred to as “Liquidation”, and is the most common type. In return for having debts discharged...

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Chapter 13

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Ch. 13 Dischargeable Debts

Chapter 13 Bankruptcy

Individual Debt Reorganization

Personal Bankruptcy Options

Pros and Cons of Ch. 13

Repayment Plans

Types of Bankruptcy Cases

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