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Chapter 13 Bankruptcy Basics

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Why file a Chapter 13 Bankruptcy Case?

In a chapter 13 bankruptcy case you must pay back the amount of your debts you can afford to pay over 3 or 5 years. A Chapter 13 can be filed for many reasons. During your free consultation with our experienced attorneys in Fremont you will discuss the benefits of filing a Chapter 13 case. Below are explanations and examples of the most common reasons to choose to file a Chapter 13 petition. See also What is Chapter 13

Just like a Chapter 7 bankruptcy case, when filing a Chapter 13 bankruptcy case the automatic stay will go in effect and stop all collection or foreclosure proceedings. The Chapter 13 plan of reorganization must be approved or confirmed by the bankruptcy court. Most Chapter 13 plans last for three to five years. How much the monthly Chapter 13 plan payment must be depends upon your income, expenses and assets. In some Chapter 13 bankruptcy cases the Chapter 13 plan payment can be as little as $150 per month.

A Chapter 13 bankruptcy is much more complicated than a chapter 7 bankruptcy case. The standing chapter 13 trustee assigned to administer the bankruptcy case will need to recommend confirmation of the chapter 13 plan. If the trustee will not recommend confirmation, the bankruptcy judge assigned to your case can overrule the trustee and confirm the chapter 13 plan over their objection. In almost all cases we will work with the trustee to come to an agreement regarding any issues that may arise. Other common issues that arise are valuing vehicles and determine how much is owed in mortgage arrears in cases that missed mortgage payments exist.