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Chapter 13

At a Glance
Chapter 13 is the most common type of “reorganization” bankruptcy for consumers — you repay your debts over three to five years. In order to file for Chapter 13, you must have a reliable source of income that you can use to repay some portion of your debt. If you are filing a Chapter 13 bankruptcy, a proposed repayment plan must also be submitted. After reasonable monthly expenses have been paid, how much money will you have left over to put toward your outstanding bills? And how will this money be divvied up among those you owe? Priority claims (such as taxes and back child support) must be paid in full; unsecured debts (like credit card debt and medical bills) are usually paid in part. Depending upon the judgments of those involved with your case, unsecured debts can be paid off for as little as 10 cents on the dollar. In addition to the general requirements listed above, the repayment plan must pass three tests:

  • (1) It must be delivered in good faith;
  • (2) Unsecured creditors must be paid at least as much as if a Chapter 7 bankruptcy had been filed (Generally, this is the value of all the nonexempt property you own);
  • (3) All disposable income must be paid into the plan for at least three years (you may use up to five years in order to meet the second test that you pay at least as much as in a Chapter 7). Generally, payments will be withdrawn directly from your wages and you or your attorney should arrange with the court for these payments to be deducted from your wages.
  • Chapter 13 In Depth
    Provisions of the Bankruptcy Act have made Chapter 13 filings more burdensome for filers. Under the old dispensation, Chapter 13 filers enjoyed more protection against legal actions by litigants intending to recover funds or to impose new costs. Filers were protected against evictions; under the Act they no longer are. They may lose their driver’s licenses. They must continue to respond to divorce and child-support actions. The Act has also moved family members with financial claims (e.g., for child support, alimony) to the first rank of recipients, ahead of secured creditors. Like Chapter 7 filers, Chapter 13 filers are also required to participate in mandatory financial management education.

    Debts that remain after a Chapter 13 Discharge

  • Claims for child support and spousal support (alimony);
  • Educational loans;
  • Drunk driving liabilities;
  • Criminal fines and restitution obligations;
  • Certain long-term obligations, such as home mortgages, that extend beyond the term of the plan; and
  • Any debts not provided for in a wage-earner plan.

    Reasons to use Chapter 13 instead of Chapter 7

    Many debtors choose not to file for Chapter 13 because it requires repayment of at least a portion of their debts (unlike Chapter 7, which wipes out many debts entirely). In some situations, however, Chapter 13 is the better bankruptcy option. And certain debtors don’t get to choose: Not everyone is eligible for Chapter 7.

  • You cannot file for Chapter 7. If you have received a Chapter 7 bankruptcy discharge within the last eight years, or a Chapter 13 discharge within the last six years, you may not file for Chapter 7. In addition, you won’t be allowed to file for Chapter 7 if you cannot meet the “means test” imposed by the 2005 revisions to the bankruptcy law. If you have the means to repay a certain amount of your debt through a Chapter 13 repayment plan, you flunk the test and are ineligible for Chapter 7.
  • You are behind on your mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement. You cannot do this in Chapter 7 bankruptcy. You can make up missed payments only in Chapter 13 bankruptcy.
  • You have a tax obligation, student loan, or other debt that cannot be discharged in Chapter 7. You can include these debts in your Chapter 13 plan and pay them off over time.
  • You have a sincere desire to repay your debts, but you need the protection of the bankruptcy court to do so.
  • You have nonexempt property that you want to keep.
    The Law Offices of Alex Leon will explain all available options so you can make the best informed decision for you and your family.

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