Cibik Law, P.C. chapter 13 bankruptcy

While a chapter 13 bankruptcy plan can be beneficial for many people, it is not suitable for every person. The main benefit of this type of bankruptcy is that the debtor is able to keep his or her property and still make payments. The process will also stop any foreclosure proceedings, allowing the debtor to catch up on past-due payments and even extend secured debts so that the monthly payment will be lower. In addition, a chapter thirteen repayment plan will protect a co-signer, which can be crucial if a loan is at risk of foreclosure. Interested readers can find more information about them at Cibik Law, P.C. chapter 13 bankruptcy

In order to qualify for a chapter 13 plan, you must have a list of your creditors and their amounts. After filing for bankruptcy, a clerk or trustee will notify these creditors. The automatic stay protects you and any co-signers. You must pay your secured debts in full during the repayment plan. If you are behind in payments, the court may require you to repay arrearages as part of your plan. The bankruptcy plan must also pay off all unsecured debts, including mortgage or car payments.

The main advantage of a chapter 13 bankruptcy plan is that it allows you to repay your debts over a longer period of time. For example, if you have a mortgage on your primary home, you can extend the repayment plan for up to three years. A credit card debt plan can take anywhere from four to six months. You can also get a lower monthly payment if you co-sign. For secured debts, it will be up to you to negotiate your repayment plan with the creditor.

In addition to the benefits of a chapter 13 plan, you should pay all priority debts in full. This includes child support and alimony arrearages, most tax obligations, and even a personal loan. In a chapter 13 plan, you’ll have to repay these debts, depending on the amount of unsecured debt you have. Your creditors will be satisfied and you will be able to pay them. A bankruptcy plan can make this process less difficult if you file for a traditional bankruptcy.

If you have a regular income, you should be able to file a chapter 13 bankruptcy. You must have a total debt below the threshold. You must also have a low-income to qualify. A higher-income person can file for a Chapter 13 bankruptcy with a lower income. The debtor must also have up-to-date tax returns and payments to the creditors. If you’re filing for a chapter 13 bankruptcy, it is important to remember that you must pay back your secured debts during the time you’re paying back.

In a chapter 13 bankruptcy, you must have a sufficient amount of disposable income to make your repayment plan work. This means that you must have enough money to pay your priority debts, but you can also use the rest of your income for living expenses. If you don’t have this much available income, you must file for a Chapter 13 plan. It will take time, but it will be worth it in the end. In a reorganization, you will receive a lot of benefits.