Chapter 13: Debt Repayment Plan: Cure Defaults: Filing fee $274.00
The purpose of this information is to answer general questions about chapter 13 cases The bankruptcy law is complicated. It cannot be completely explained in a few paragraphs. Therefore, you should not rely upon this information alone to make a decision about whether or not to file a bankruptcy case or what type of bankruptcy case you should file.
You should consider chapter 13 if:
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You are working or have regular income.
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You are in foreclosure and want to keep your property.
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Your vehicle may be repossessed.
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Your wages are being garnished.
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You have assets or equity in your property.
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Your income is too high for a chapter 7 case.
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1. Chapter 13 is designed for individuals with regular income who would like to pay all or part of their debts in installments over a period of time. You are only eligible for chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code.
2. Under chapter 13, you must file with the court a plan to repay your creditors all or part of the money that you owe them, using your future earnings. The period allowed by the court to repay your debts may be three years or five years, depending upon your income and other factors. The court must approve your plan before it can take effect.
3. After completing the payments under your plan, your debts are generally discharged except for domestic support obligations; most student loans; certain taxes; most criminal fines and restitution obligations; certain debts which are not properly listed in your bankruptcy papers; certain debts for acts that caused death or personal injury; and certain long term secured obligations.
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If you would like to receive a bankruptcy information packet from the Porter Law Network, or if you have a question you would like answered; please send an e-mail to kjplawnet@aol.com. The Porter Law Network is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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