Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is a wage earner repayment plan.

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Is Chapter 13 Bankruptcy right for me?

It is designed for individuals with regular income who can pay all or part of their debts in installments over a period of time.

You will be required to propose a plan to the Court which will repay your creditors a pro-rata share of your disposable income over the next 3-5 years. Both the amount you are required to pay and the period of repayment will depend upon your income, the type of debts, and many other factors.

Your proposed plan must be recommended for confirmation by the Trustee appointed to your case and approved by the Court. You must complete your plan in order for your remaining debts to be discharged. Our attorneys will work closely with you to determine your expenses, income, and obligations and propose a plan that will be successful for your long term financial life.

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Questions we will discuss with you:

Will I lose my house or car?

You will be asked to disclose all of your assets as well as their fair market value. State and federal law provide exemptions that will allow you to keep most of your assets up to a specific value. The Trustee appointed to your case may have the right to take possession of and sell the remaining property that is not exempt or otherwise pledged and use the sale proceeds to pay your creditors.

Can my creditors object to my bankruptcy?

Yes, you will be asked to disclose all of your creditors at the time of your bankruptcy. Once you file the bankruptcy the Court will provide notice to all of those creditors, who then will have time to object to you discharging those debts. If a creditor can prove that you obtained credit through fraud, breach of fiduciary duty, or theft the bankruptcy Court may rule that the particular debt is non-dischargeable.

Can I discharge my student loan debt?

Generally no. This is a hot topic right now and the laws may be changing. But currently there are very few ways to discharge your student loan debt. Attorney Angell will go over your situation and discuss your options.

Are there other debts that may not be dischargeable?

Yes, you may be responsible for taxes, domestic support and child support obligations, fines, penalties and criminal restitution obligations. We will review these obligations with you and help determine their dischargability under the current law.

Will bankruptcy stop the garnishment?

Yes, once your bankruptcy case is filed all garnishments must stop. You may also be entitled to demand the return of funds that have been garnished.