John is a DJ and radio producer by trade who has performed in the U.S., Russia, Germany, Turkey, Macedonia, Serbia, Kosovo and India. Through a strange twist of fate he found himself working in the debt consolidation and debt settlement field in Chicago. John has a great interest in charity work as well. His other interests include fitness, science & technology, modern medicine, politics, world events and pop culture.
Chapter 13 Bankruptcy Attorney
Also known as "reorganization bankruptcy" or a wage earner's plan, Chapter 13 of the Bankruptcy Code enables debtors with regular income to plan to repay their debts over a three to five year period. People who want to keep non-exempt income that would be lost under a Chapter 7 bankruptcy may prefer Chapter 13 for this reason. It also provides an option for people with predictable income from which they will be able to pay their debts after dealing with living expenses.
A Chapter 13 plan cannot provide for debt repayments for over five years. With the help of a bankruptcy attorney, under Chapter 13, a debtor can prepare a repayment plan to make installment payments to creditors over whatever period the bankruptcy court allows within the five years. Unless the court approves a longer time, this will be three years, if the current monthly income of the debtor is less than the applicable state median, and five years if the current monthly income of the debtor is more than the applicable state median.
Reasons for filing a Chapter 13 bankruptcy can range from not wishing to lose non-exempt property such as a home to a determination to wipe out debts and start again with a clean slate. If you decide on Chapter 13, a bankruptcy attorney will, however, remind you that you must still make all your mortgage payments on time while the Chapter 13 plan is in force. Among the other advantages of Chapter 13 bankruptcy is the fact that secured debts, other than a mortgage for your main residence, can be rescheduled, which result in lower repayments.
To learn more about a chapter 13 bankruptcy attorney, please visit Debt Relief.us
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