Q: How long does a Chapter 13 bankruptcy stay on a consumer's credit history?
A: It depends. Some Chapter 13 bankruptcies stay on a consumer's credit history for 7 years. Other Chapter 13 bankruptcies might stay on a consumer's credit history for 10 years.
Q: When should a debtor consider filing for a Chapter 13 bankruptcy?
A: There are several instances where filing for a Chapter 13 bankruptcy might be a good idea. For example, debtors who have non-dischargeable debts, tax liens, or property that's worth a significant amount of money might be able to work out their debt problems by filing for Chapter 13 relief. For more information about this topic, ask an experienced bankruptcy attorney in your area.
Q: Can filing for Chapter 13 bankruptcy protection secure my house against foreclosure?
A: Mostly talking, filing for Chapter 13 bankruptcy protection could secure most people's homes from foreclosure at least temporarily. This is true because the automatic stay that goes into effect after you file for bankruptcy relief "automatically" forces mortgage lenders to stop foreclosure proceedings. Many homeowners use this automatic stay to figure out a sensible repayment plan as part of the Chapter 13 process.
Q: Do you need a regular source of income to file for Chapter 13 bankruptcy relief.
A: Yes. However, this income could come from several sources such as Social Security or a normal pay check from an employer.
Q: How long does it take to complete a Chapter 13 bankruptcy?
A: It can take anywhere from 3 to 5 years to complete a Chapter 13 bankruptcy. This time frame varies because everyone's financial circumstances are unique. As a result, consumers shouldn't expect a "typical" time frame to complete a Chapter 13 bankruptcy.
Q: Do I've to pay off all of my debts when I create a repayment plan?
A: Mostly speaking, debtors frequently pay less than the full amount of their original debts. However, there are some instances where the debtor has to pay his whole obligation back to the creditor. For example, debtors who owe back child support have to pay one hundred percent of the amount they owe to full the plan.
Q: Who assigns the trustee that's assigned to my situation?
A: The U.S. Trustee that supervises court trustees around the country usually assigns the trustee to handle Chapter 13 cases. Furthermore, this person will normally oversee all Chapter 13 cases in the debtor's house district.
Q: How'll I know if my proposed repayment plan will be approved?
A: Most repayment plans are accepted if they could pass two tests: the "Best Interests of lenders Test" and the "Best Efforts examination." These tests are designed to decide if the debtor is producing his best effort to pay off as much debt as possible subject to his financial circumstances.
For more information about these topics, please ask an experienced bankruptcy lawyer in your region to see if filing for Chapter 13 bankruptcy protection is right for you.
For a free bankruptcy evaluation, call:
(877) 448 - 7640.
or fill out the form below.
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By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.