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Chapter 13 bankruptcy allows people with regular income to repay debts over time, protecting assets and recovering financial stability. ... In Chapter 13, you make monthly payments according to a ...
A Chapter 13 payment plan doesn’t have a grace period. Thirty days after your Chapter 13 filing date, you are required to begin making plan payments to the bankruptcy trustee for your case.
Some Chapter 13 bankruptcy payments may be changed or suspended depending on the details of your case. ... If you cannot modify your monthly payments and aren’t approved for a hardship discharge ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
In a Chapter 13 Bankruptcy ("Reorganization") the trustee is responsible for receiving the debtor's monthly payments and distributing those funds proportionally to the debtor's creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor's interests are maintained in accordance with ...
Current monthly income is defined in as the monthly average of the income received by the debtor (and the debtor's spouse in a joint case) during a defined six-month time period prior to the filing of the bankruptcy case. Some narrow classes of payments, for example, social security, are excluded from these figures.
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