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Chapter thirteen chapter is developed for men and women

23rd November 2010
By Warren Brown in Bankruptcy Law
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Chapter thirteen individual bankruptcy is developed for people with normal income who have the capability to repay all or part of their money owed in installments over a period of time. Chapter thirteen might also be proper for those debtors whose assets exceed the allowable exemptions and the debtors wish to retain those assets. Debtors are only eligible for Chapter thirteen if the debts do not exceed a sure dollar amount.

Preceding to the filing of a Chapter thirteen petition, every debtor should take a credit counseling course. The court fee for submitting a Chapter 7 petition is $274.00 and may possibly be subject to change from time-to-time as the laws are changed. Upon submitting of the petition, schedules and other documents, a trustee is assigned to oversee the event and to administer to the bankruptcy estate. The debtor is needed to attend a 341 Meeting of Collectors approximately one month following the filing of chapter 7 to answer to questions concerning the petition, schedules and other documents filed.

In addition to the documents filed in a Chapter seven circumstance, Chapter thirteen bankruptcies need the submitting of a "Plan" that delivers for the repayment of money owed for a three (3) to five (five) year interval. Creditors will have the opportunity to object to the Strategy and the Method must be approved by the Court. Debtors need to also total a financial management course.

Immediately after all payments are produced pursuant to the Prepare, money owed are discharged except for non-dischargeable money owed such as student loans, specific taxes, domestic support obligations and other enumerated debts. Failure to comply with the Program and failure to make all vital payments pursuant to the Strategy may well outcome in a request by the trustee that the scenario be dismissed. If debtors encounter difficulty creating funds under the Strategy, the debtors' situation may perhaps be converted to a Chapter 7 circumstance.

Get hold of our Chapter lawyer merrillville for a free initial consultation to go over the advisability of submitting Chapter thirteen and to go over the approach for filing personal bankruptcy merrillville.

We are a debt relief agency. We aid people file for bankruptcy merrillville relief under the Chapter 7 Code.
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