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Ben Werner,
Student Newspaper Editor
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The filing of a Chapter 7 or Chapter 13 Bankruptcy will stop a creditor from continuing almost all civil legal proceedings against the debtor.
Chapter 13 gives a debtor the opportunity to repay debts without harassment from creditors.
The purpose of a chapter 13 bankruptcy is to allow an individual debtor with a regular income pay back debts using their income and enabling a debtor to keep certain assets.
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John Fielding,
CEO
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Chapter 13 Bankruptcy provides a Petitioner with a more flexible means to pay the debt that he or she has incurred, without necessarily requiring a liquidation of debt and assets.
Chapter 13 bankruptcy requires the borrower to have been paying on the bankruptcy for at least one year, performance must have been satisfactory and the borrower must also receive court approval to enter into the mortgage transaction.
Chapter 13 bankruptcy is generally used by debtors who want to keep secured assets, such as a home or car, when they have more equity in the secured assets than they can protect with their North Carolina bankruptcy exemptions.
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Brian Mengel,
Civil Servant
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Because approval is not required, a Chapter 13 bankruptcy gives an individual taxpayer the ability to force a payment plan upon the Internal Revenue Service over its objection.
If you were granted or denied a Chapter 7 discharge in a prior case within the last 6 years or completed a Chapter 13 plan in a prior case, you might not be entitled to receive a discharge in bankruptcy and probably are not a candidate for a Chapter 7 bankruptcy proceeding.
Individuals filing for personal bankruptcy under Chapter 7 or Chapter 13 will be required to provide proof of identity and SSN when they appear at the statutorily mandated Section 341 meeting of creditors to discuss their financial obligations.
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Mike Enlow,
Internet Marketer
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Chapter 13 is a type of bankruptcy which allows the debtor to pay creditors under a plan which calls for monthly payments over a period of 36 to 60 months.
Chapter 13 Bankruptcy can allow the consumer to keep his non-exempt as well as his exempt assets and to catch up on past due mortgage payments to save his home from foreclosure.
Chapter 13 is frequently a better choice if you have debts that are not dischargeable in Chapter 7; if you are in default on mortgages or car payments; if you have more property than can be exempted from creditors in Chapter 7; or if you owe taxes or other debts that are not dischargeable in Chapter 7.
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