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Chapter 13 bankruptcy creates a payment plan to pay down — then eliminate — your debts. People with steady income and personal property they want to keep may benefit more from Chapter 13 than ...
A Chapter 13 payment plan doesn’t have a grace period. Thirty days after your Chapter 13 filing date, you are required to begin making plan payments to the bankruptcy trustee for your case.
A chapter 13 plan is a document filed with or shortly after a debtor's Chapter 13 bankruptcy petition. The plan details the treatment of debts, liens, and the secured status of assets and liabilities owned or owed by the debtor in regard to his bankruptcy petition. In order for a plan to take effect, it must meet a number of requirements.
Some bankruptcy districts allow you to combine your mortgage and car payments into your Chapter 13 payment plan. This option leaves you with one large consolidated payment to make.
The U.S. Bankruptcy Court also charges fees. The amounts of these fees vary depending on the Chapter of bankruptcy being filed. As of 2016, the filing fee is $335 for Chapter 7 and $310 for Chapter 13. [52] It is possible to apply for an installment payment plan in cases of financial hardship.
Chapter 7, known as a "straight bankruptcy", involves the discharge of certain debts without repayment. Chapter 13 involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined by income. [48] [49] As many as 65% of all US consumer bankruptcy filings are Chapter 7 cases.
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