Chapter 13 Bankruptcy

 

With limited exceptions the US Bankruptcy Code requires that all individual debtors who file for bankruptcy relief after October 17, 2005, receive a briefing that outlines the available opportunities for credit counseling and provides assistance in performing a budget analysis. The briefing must be given within 180 days before the bankruptcy filing. In addition, after filing a bankruptcy case, an individual debtor generally must complete a financial management instructional course before he or she can receive a discharge.

Chapter 13 Bankruptcy is designed for individuals with regular income who would like to pay all or part of their debts in installments over a period of time. You must file with the court a plan to repay your creditors all or part of the money you owe them using your future earnings. The period allowed by the court to repay your debts may be three or five years, depending upon your income and other factors. You are only eligible for Chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code.

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