• • Bankruptcy & Debt Relief
  • Taxation & Tax Law
  • Stop Foreclosure & Save Your Home
  • Wills, Trusts, Estates & Probate
  • Social Security Benefits
  • Advanced Directives
• • Arthur I Blutter, Esq.
  • Joanne Diamond Blutter, Esq.
  • Frank Pipitone, Esq.
• • Bankruptcy FAQs
  • Tax Law FAQs
  • Probate & Estate FAQs
  • Social Security FAQs

Chapter 13

Filing for Chapter 13 is a U.S. bankruptcy law that allows an individual to pay off their debts over the course of three to five years.In most cases Chapter 13 is prefered by individuals who have valuable assets, such as a home, that is not covered under exemptions and they would like to keep. Since the debtors plan will require regular monthly or biweekly payments, Chapter 13 is appropriate for an individual debtor who has a regular source of income.

Perhaps the biggest advantage to filing for Chapter 13 is the ability to protect property that might be lost in a Chapter 7 filing. The difference between the two filings is how the creditors are paid. In Chapter 7, all the non-exempt assets of the debtor become the property of the bankruptcy trustee and are liquidated to be distributed among creditors. But in a bankruptcy Chapter 13 case, the creditors are paid from future income of the debtor.

Bankruptcy Frequently Asked Questions:

1. What disclosures must a collection agency provide to a debtor?
2. What actions must a collection agency avoid?
3. Are there any alternatives to filing bankruptcy?
4. How much property does the debtor have to give up in a bankruptcy proceeding?
5. Will a debtor lose his or her home by filing bankruptcy?
6. How long are bankruptcy and other credit information included on the debtor's credit report?
7. What happens if the debtor's salary increases after filing a Chapter 13 wage-earner plan?
8. Learn More: Bankruptcy Law
9. What Happens in a Foreclosure?
10. What Is The Fair Debt Collection Practices Act?
11. What are the Credit Counseling Requirements in Bankruptcy?