Do I Need To Repay All Of My Debts With Chapter 13 Bankruptcy? - Bankruptcy Questions Answered

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Do I Need To Repay All Of My Debt With Chapter 13? Call (703) 967-3315 or visit https://fishersandlerlaw.com​​​ and ask us about our 👉$0 Down Bankruptcy Program today.👈

Fisher-Sandler has been helping people get out of debt since 1999. We’ve helped thousands of clients file for bankruptcy and we can help you too! Our experienced attorneys have successfully handled thousands of chapter 7 and chapter 13 cases in Northern Virginia.

If you are tired of being harassed by creditors, or if your financial situation is causing stress on your family, then it may be time to consider filing bankruptcy under the U.S. Bankruptcy Code. You can stop harassing calls from creditors today! Get a fresh start with zero down payment for chapter 7 bankruptcy filing at Fisher-Sandler!

Under a Chapter 13 plan, you make payments, usually monthly, to the bankruptcy trustee, an official appointed by the bankruptcy court to oversee your case. The trustee, in turn, pays your creditors and collects a commission based on the amounts paid out under your plan. You must make all of your payments to complete your plan and get a discharge of any remaining balance on qualified debts.

You'll begin a Chapter 13 bankruptcy by filling out a packet of forms—mostly the same forms as you would use in a Chapter 7 bankruptcy—listing your income, property, expenses, and debts. You'll file these forms and paperwork and a workable payment plan proposing how you plan to handle your debts over the payment plan period with the local bankruptcy court.

The repayment plan is like a personalized road map for paying off some or all of your debts in a Chapter 13 bankruptcy, and it works somewhat like a short-term consolidation loan. The plan helps you to restructure your debts for one bimonthly or monthly payment based on a number of factors, including the total sum of your eligible debts, your household income and various potential deductions for items like cost-of-living expenses and required tax payments.

The plan is then submitted to the bankruptcy court for approval, at which time the judge and your creditors will have the chance to challenge it.

Completing a Chapter 13 plan isn't easy because you're required to commit all your income for three to five years. First, you'll need enough income to make your regular payments, such as rent or mortgage, car payment, utility bills, and other monthly expenses. But your responsibilities won't end there.

If you're behind on your mortgage, car payment, or another secured debt (an obligation secured by collateral), you'll need to make up the missed payments through the plan. You also must pay certain debts known as priority debts in full. Common priority debts include support arrearages and recently incurred tax bills. You must use any income remaining to pay your other debts, like credit card balances, medical bills, and personal loans. Any portion of these balances that you cannot pay in full (except student loans) gets discharged (erased) after your complete your payments.

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Credit Card Debt - Will it Be Discharged in Bankruptcy?

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Filing Bankruptcy - Debt Settlement Vs Bankruptcy

Filing bankruptcy should never be considered as an option of recovering from debt. Debt settlement is a much easier and convenient method of legally eliminating all your dues.

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