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Fort Lauderdale Bankruptcy Law Office

1776 N. Pine Island Road, #224,

Plantation, Florida 33322

(954) 475-2265 J@JBristol.com

 

 

 

Short Videos That Help Explain Chapter 13 Bankruptcy

A Chapter 13 Bankruptcy is referred to the Wage earner bankruptcy.  There are two reasons you would chose a chapter 13 bankruptcy.  (1) You earn more that the average person.  Therefore, you do not qualify for the Chapter 7 Bankruptcy.  Or (2) you have assets able the amount that you are allowed to keep.  Specifically, in a Chapter 7 bankruptcy you are allowed to keep only your home, $1,000.000 worth of personal property and $1,000.00 in equity in your car.  Pursuant to the Court disclosure:  You can usually keep your property, but you must earn wages or have some other source of regular income.  You must agree to pay part of your income to your creditors.  The court must approve your repayment plan and your budget.  A trustee is appointed and will collect the payments from you to pay your creditors and make sure you live up to the terms of your repayment plan.

In addition, individual debtors who have regular income may seek an adjustment of debts under chapter 13 of the Bankruptcy Code. A particular advantage of chapter 13 is that it provides individual debtors with an opportunity to save their homes from foreclosure by allowing them to "catch up" past due payments through a payment plan. Moreover, the court may dismiss a chapter 7 case filed by an individual whose debts are primarily consumer rather than business debts if the court finds that the granting of relief would be an abuse of chapter 7. 11 U.S.C. § 707(b).

If the debtor's "current monthly income" (1) is more than the state median, the Bankruptcy Code requires application of a "means test" to determine whether the chapter 7 filing is presumed abusive. Abuse is presumed if the debtor's aggregate current monthly income over 5 years, net of certain statutorily allowed expenses, is more than (i) $12,475, or (ii) 25% of the debtor's non-priority unsecured debt, as long as that amount is at least $7,025. (2) The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income. Unless the debtor overcomes the presumption of abuse, the case will generally be converted to chapter 13 (with the debtor's consent) or will be dismissed. 11 U.S.C. § 707(b)(1).

A Chapter 13 bankruptcy usually takes three to five years to complete.  Upon completion of the plan you will receive a discharge of your debt.  During this time, the Chapter 13 bankruptcy trustee performs many duties.  These duties include making sure your repayment plan complies with bankruptcy laws and administering the plan after it is approved by the Court.   When you file for Chapter 13 bankruptcy, you must file a set of bankruptcy documents called a Bankruptcy Petition.  The petition is filed with the court and describes your income, monthly expenses, assets, and debts.  Based on your income and expenses, you must also propose a payment plan to repay all or some of your creditors.  After your file your bankruptcy papers, you must also send the Chapter 13 trustee certain documents such as tax returns and pay stubs.

The Chapter 13 trustee will review your entire bankruptcy petition including your repayment plan and your documents. It is one of the trustee’s responsibilities to make sure that your income calculations are accurate and your expenses are reasonable, and that your Chapter 13 repayment plan is fair to your creditors.  After reviewing everything, the trustee will let you know if she has any objections to your bankruptcy.  The Trustee may request more documentation if needed.  The Chapter 13 trustees are expected to try to maximize the amount of money you are required to pay to your unsecured creditors.  So most of the Trustee's objections are centered around increasing your plan payments.  If you cannot reach an agreement  with the Trustee, a judge will hear both sides and make a determination as to what your plan payments should be.

Within 30 days of filing your Chapter 13, you must begin sending monthly payments to the bankruptcy Trustee.  The amount of the payment is described in your bankruptcy plan.  Until your repayment plan is approved by the court, it is in a temporary state where the trustee holds the funds in trust for your creditors.  After your plan is approved, the Chapter 13 trustee begins distributing the funds to your creditors as described by  the terms of the approved plan.

Since it takes three to five years to complete a Chapter 13 plan, the trustee is charged with receiving your payments for 60 months.  The Trustee pays that money to your creditors until your plan is completely paid off.  During this time, the trustee must also keep an accounting of all monies received and how much has been paid out to each creditor.

Please note that every case is different and the above description is for general bankruptcy information purposes only. If you are considering filing of a bankruptcy case, you should contact: The Law Office of John Bristol 954-475-2265 - j@jbristol.com for a specific review of your case. You may also learn additional information by visiting other bankruptcy websites including Need Bankruptcy and Bankruptcy Attorney

The Fort Lauderdale Bankruptcy Law Office, 1776 N. Pine Island Road, Plantation, Florida 33322 is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

 

Fort Lauderdale Bankruptcy Law Office

1776 N. Pine Island Road, #224, Plantation, Florida 33324

The office is on the Corner of Pine Island Road and Sunrise Boulevard

From I- 95 take Sunrise Boulevard West to Pine Island Road

from I-595 take Pine island Road North to Sunrise Boulevard

The Law Office of John Bristol, 1776 N. Pine Island Road, #224, Plantation, Florida 33322 is a debt relief agency.  We help people file for bankruptcy relief under the Bankruptcy Code.  Disclosure: The hiring of a lawyer is an important decision that should not be based solely on advertising.  Before you decide please ask us for information concerning out qualifications and experience
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