Chapter 13 Bankruptcy
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Chapter 13 Bankruptcy
If you are facing a mounting debt that you can no longer afford to pay and have a steady income and assets that you need to protect, Chapter 13 may be the right option for you. The great advantage of Chapter 13 is that the debtor can get the benefit of a discharge without losing nonexempt property (as in Chapter 7). Most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Another major benefit of Chapter 13 is that the debtor may be able to remove second or third mortgages or equity loans from real estate where amount owed on first is more than the value of the property. Further, in Chapter 13 bankruptcy, you can discharge non-support debts to a former spouse, government fines, and some intentional torts that could not be discharged in Chapter 7. In consideration for retaining nonexempt assets, the debtor must formulate a plan, under which the debtor is required to pay creditors not less than the value of the nonexempt assets that the debtor is retaining. Once the court confirms your plan, you simply need to make the required payments for the duration of your plan. You will be paying all of your projected disposable income into the plan for a minimum of 36 months, and a maximum of 60 months. The debtor in a Chapter 13 case is not discharged until he or she completes performance under the plan. Upon completion of all the payments under the plan, the debtor typically receives a discharge for the remaining debt, even if he has paid less than 100% of the debt.
I am grateful and thankful to Mr. Paul Marinov for handling my Chapter 7 Bankruptcy case . Mr. Paul Marinov is professional ,kind and helpful .I highly recommend him to anyone in need of a bankruptcy attorney.
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