Chapter 13 Bankruptcy
Chapter 13 Bankruptcy, also referred to as the wage earners plan, is a type of bankruptcy that allows consumers to repay their debts to creditors over the time span of 3 to 5 years. Chapter 13 is ideal for those individuals who have sufficient, ongoing income, but who need some time to repay their debt. Unlike Chapter 7, Chapter 13 does not involve the process of liquidation, which means that people will not have to sell their homes or cars in order to pay back their creditors.
Before a person can file for Chapter 13, he/she must meet eligibility requirements. First, the person must not have filed for bankruptcy in the last 8 years. Second, the person must be able to prove that he/she is employed and has continual monthly income. They must also be willing to commit to a monthly repayment plan that is accepted by their creditors. Third, the person’s debts must not exceed a certain amount. Finally, the person must complete credit counseling. After completing credit counseling, he/she will receive a certificate of completion and will then be able to file a bankruptcy petition.
Retaining a Chapter 13 Bankruptcy Attorney
If you are thinking about filing for Chapter 13 Bankruptcy, you should take the time to meet with a professional bankruptcy lawyer who can review your individual circumstances, analyze your debt and provide you with reliable advice throughout the bankruptcy filing process. Deciding to file for Chapter 13 is a serious matter. You should always be aware of your options and commitments by consulting with a bankruptcy attorney first.
If you are considering filing for Chapter 13 Bankruptcy, contact the South Dakota bankruptcy lawyers at McCann, Ribstein & McCarty.
- Why a Bankruptcy Lawyer
- How to Choose an Attorney Types of Bankruptcy
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Chapter 7 vs. Chapter 13 Bankruptcy
- Bankruptcy Process / Timeline
- Bankruptcy Myths
- Benefits of Bankruptcy
- What Happens Next
- Alternatives to Bankruptcy
- Credit Counseling
- Foreclosure Defense
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