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Who can file a chapter 13 bankruptcy?  

0
Hello,
This is Douggard Browne. I ‘m in serious debts. At this point, I'm in need of some help desperately. Could you tell me who can file a chapter 13 bankruptcy and what are the fees required? If possible, please do inform what role the trustee plays in the Chapter 13 bankruptcy.
 

asked Nov 5, 2004 02:39 AM

douggard
Best Answer
5
best answer

Hi Douggard,

Any individual who is a wage earner or operating a sole proprietorship can file a Chapter 13 bankruptcy, if their unsecured debts do not exceed $307,675 and their secured debts do not exceed $922,975. In addition, the individual must have sufficient income to live on a cash basis for three to five years (the length of the term of the payment plan) and be able to pay a Chapter 13 Trustee enough money so that the Trustee can pay creditors, at least as much those creditors could have received if the individual filed a Chapter 7 bankruptcy.
A filing fee of $194.00 is paid to the United States Bankruptcy Court, with an initial retainer of $906.00 being paid to the attorney. Any other fees incurred will be paid through the Chapter 13 plan.
A Chapter 13 Trustee usually does not liquidate property for distribution to creditors. Instead, the Trustee collects the funds paid by the debtors over the three to five year payment plan (as well as other liquidated funds from the sale of property) and distributes the funds to creditors on a monthly basis. The Trustee also reviews the debtors' documents filed with the Court, meets with the debtors and counsel, and monitors the debtors' progress with the payment plan. If debtors are unable to comply with the payment plan, the Trustee makes a report to the Court, or requests the Court dismiss the case or convert it to a more appropriate chapter (such as Chapter 7).

answered Nov 5, 2004 02:49 AM

3 Answers

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Quote:

dont mess up your credit . improve it ...consolidate and use lawyer fees for paying bills not suits
.

Using a lawyer's fee to pay for the Bills is a good suggestion, thanks a lot harleygirl.

Simon

answered Feb 23, 2005 03:38 PM

0


Quote:

Originally Posted by douggard
Hello,
This is Douggard Browne. I ‘m in serious debts. At this point, I'm in need of some help desperately. Could you tell me who can file a chapter 13 bankruptcy and what are the fees required? If possible, please do inform what role the trustee plays in the Chapter 13 bankruptcy.


Just in case you still need it, here is some more information regarding chapter 13 bankruptcy. You should definitely exhaust all alternatives before you look into chapter 13.

[Link deleted by Vikas]

answered Apr 1, 2005 11:22 PM

0

dont mess up your credit . improve it ...consolidate and use lawyer fees for paying bills not suits. you will end up in debt again if you dont pay for your mistakes

answered Feb 22, 2005 12:12 PM

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