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Saturday, 7 August 2010
Chapter 13 Bankruptcy- the qualification criteria
Mood:  cool
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Chapter 13 Bankruptcy is a repayment plan that protects the debtor from collection action during the plan and discharges any unpaid balance of dischargeable debts at the end of the plan. The discharge in Chapter 13 covers some debts that cannot be discharged in Chapter 7.  It is a powerful tool for debtors to regain control of their financial lives and to get a meaningful fresh start.

Debtors choose to file a repayment plan under Chapter 13 when

·                     they owe debts not dischargeable in Chapter 7 such as taxes, child support, marital property settlements

·                     they have liens that are larger than the value of the assets securing the debt

·                     they are behind on car or house payments

·                     their assets are worth more than the available exemptions

·                     they are repaying retirement fund loans not permitted in Chapter 7

To file Chapter 13, you must be

·        an individual  

·        have a regular income greater than your reasonable living expenses; and

·        have liquidated, unsecured debts not exceeding $336,900 and secured debts not exceeding $1,010,650.

Corporation and firms can not file for Chapter 13 Bankruptcy. And individuals can pay his debt in installments and the debtor can save his exempt and non exempt property. But before you could file for a Bankruptcy under Chapter 13 you need to consult some professional Walnut Creek Bankruptcy lawyer. He will help you know your options and will also allow you find if filing Bankruptcy is the only option to you. For more details you can log on to:


Posted by thomsondavid09 at 12:41 PM EDT
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Friday, 6 August 2010
Filing Bankruptcy in Oakland
Mood:  happy
Bankruptcy is one of the most critical decisions of the life. Filing a Bankruptcy may give you a low status in society but many times it has allowed the individuals to settle in their lives. When you are concerned of filing a Bankruptcy in Oakland, you always need to consult an Oakland Bankruptcy attorney. He will let you know your options and will help also help you understand if filing Bankruptcy is the suitable option for you.  Generally Bankruptcy is studied under Chapter 7 and Chapter 13. Chapter 7 is the liquidation Bankruptcy. Under this Chapter the debtor is allowed to pay off his debts by setting his property to mortgage. When some one files a Chapter 7 Bankruptcy the federal court appoints a trustee, who collects all the details regarding the number of creditors, debt amount, and the total property assets and among it the exempt and non exempt property assets. Among those the debtor is allowed to keep the exempt property and the creditors are paid by mortgaging the non exempt property. But before a debtor could file for a Chapter 7 Bankruptcy he has to clear the means test.  If one doesn’t qualify for the Chapter 7 Bankruptcy he can then switch to Chapter 13. Chapter 13 Bankruptcy is also known as re-organization Bankruptcy. When debtor files for Bankruptcy under Chapter 13 the federal courts after evaluating the income source and amount of debt and allows reorganizing the debt. The debtor is allowed to have a time period of three to five years and the debtor can pay off his debts in small installments as decided by the federal Bankruptcy court. So a consultation with an Oakland Bankruptcy attorney will let you know the suitable options available for filling a Chapter 13 Bankruptcy. For consultation and advice you can refer Oakland Bankruptcy attorneys at:

Posted by thomsondavid09 at 6:54 AM EDT
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Wednesday, 23 June 2010
Defining the candidature for filing Bankruptcy under Chapter 13
Mood:  happy
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When you are on the verge of being declared bankrupt you are left mainly with two options, one filing a bankruptcy under Chapter 7 and other filing Bankruptcy under Chapter 13. Chapter 7 will do away with your debts by mortgaging your property, but if you don’t want to part with your possessions, then Chapter 13 Bankruptcy is the option for you. However, before filing a Bankruptcy under Chapter 13, you will have to qualify. You can qualify for filing a Bankruptcy under Chapter 13 if:


1.     You have the desire and ability to repay most of your debts over time, but you need the protection of the bankruptcy court to do so.

2.     You are behind on your mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement.

3.     You need help repaying your debts now, but need to leave open the option of filing for Chapter 7 bankruptcy in the future. This would be the case if for some reason you can't stop incurring new debt.

4.     You are a family farmer who wants to pay off your debts, but you do not qualify for a Chapter 12 family farming bankruptcy because you have a large debt not related to farming.

5.     You have valuable nonexempt property. When you file for Chapter 7 bankruptcy, you get to keep certain property, called exempt. If you have a lot of nonexempt property which you'd have to give up if you file a Chapter 7 bankruptcy, Chapter 13 bankruptcy may be the better option.

6.     You filed a Chapter 7 bankruptcy within the previous eight years. You cannot file for Chapter 7 again until the eight years are up.

If you satisfy the above mentioned criteria, you may qualify for filing a Contra Costa Bankruptcy under Chapter 13. For further assistance, you can book a free appointment with Richard Korb, a Contra Costa Bankruptcy Attorney, who will take the time to guide you through all your options. For details please visit:  or call us at (9925) 683-0464.


Posted by thomsondavid09 at 8:26 PM EDT
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