Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over by Robin Leonard, Stephen Elias

By Robin Leonard, Stephen Elias

Are you in the back of in your personal loan, taxes or different debts? Are collectors threatening foreclosures or repossession? This ebook will help you retailer your home, vehicle and different resources with bankruptcy thirteen financial ruin. It permits you to cancel your money owed and repay the remainder with an inexpensive compensation plan.

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Extra resources for Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time (10th Edition)

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23 Endangering the Property or Using Controlled Substances ................................................................. 24 18 | Chapter 13 Bankruptcy O ne of the most powerful features of bank­ ruptcy is the automatic stay: a court ­order that goes into effect as soon as you file, protecting you from certain actions by your ­creditors. The automatic stay stops most debt collectors dead in their tracks and keeps them at bay for the rest of your case. Once you file, all collection activity (with some exceptions, explained below) must go through the bankruptcy court—and most creditors cannot take any further collection actions against you while the bankruptcy is pending.

5 explains the process you must use to determine whether you can propose a confirmable Chapter 13 plan over the appropriate time period. In addition to your required debts, you must also pay a commission to the trustee, equal to about 10% of the total payments you make under your plan. For example, if you owe $50,000 in back taxes that would have to be paid in your Chapter 13 plan, you must have enough income to pay at least $10,000 a year for five years, plus interest, toward that debt. You would also have to come up with another $1,000 each year for the trustee.

You can certainly argue that you need to keep your tenancy in order to make the payments required by your Chapter 13 plan. As a general rule, however, bankruptcy judges are more likely to lift the stay and allow landlords to exercise their property rights, figuring you will find another place to live. RESOURCE Need help with your landlord? For more informa­ tion on dealing with landlords—including landlords who are trying to evict you—see Every Tenant’s Legal Guide, by Janet Portman and Marcia Stewart (Nolo).

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