By ray marie
By Ray Lane
By Duncan Law
Bankruptcy Attorney Provo Utah. Visit http://www.provoutahbankruptcylawyers.com/ or call us at (801) 701-2030 for more information about filing bankruptcy in Provo, UT.
In this video, Jeffrey Salberg, a bankruptcy lawyer in Provo Utah, discusses what is a chapter 13 bankruptcy.
I often get questions about what is a chapter 13 plan? Chapter 13 bankruptcy is also known as a wage earner plan because, in order to file for chapter 13, you must have a reliable source of income that you can use to repay some portion of your debts. When you file a chapter 13, you must propose a repayment plan that details how you're going to pay back some or all of your debt over the next three to five years. The minimum amount you'll have to repay depends on how much you earn, how much you owe, and how much your unsecured creditors would have received if you had filed a chapter 7 bankruptcy. Your debts must be within limits set by the federal government; however this doesn't affect most families. The current limit is over 1 million dollars in secured debt and $336,900 in unsecured debt. If you have secured debts like house mortgage or car loans, chapter 13 gives you an option to make up missed payments to avoid repossession or foreclosure. You can include these past due amounts in your repayment plan and make them up over time. However, you have to keep ongoing payments current as well. You may also be required to file a chapter 13 if your family income is higher than the average income of a similar sized family in your state. Filing a chapter 13 stops most collection actions against you or your property. It also can stop collections against co-debtors related to your consumer debt. An attorney reviewing your information can provide additional information on chapter 13's.
Provo Bankruptcy Lawyers
86 N University Ave # 400, Provo, UT 84601
For more information about bankruptcy, please visit http://www.provoutahbankruptcylawyers.com/ or call (801) 701-2030
Provo Bankruptcy Attorney