Chapter 13 Bankruptcy Attorney Seattle

Chapter 13 Background

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Law Offices of Mark McClure
1200 Westlake Ave N #1006, Seattle, WA 98109
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Chapter 13 Background

Chapter 13 is a type of bankruptcy also known as a wage earner's arrangement. The arrangement allows for individuals with a consistent income to construct a arrangement that will repay the entirety or a portion of their liabilities.

Debtors suggest a repayment arrangement to install payments to creditors over a length of three to five years under this chapter. If the debtor's present income per month falls below the pertinent state median, the arrangement will fall under for three years.

The exception is if the court allows for a longer length of time "for cause." (1) The arrangement will normally last for five years should the debtor's present income per month is larger than the pertinent state median. A arrangement will never provide payments for a length longer than five years. 11 U.S.C. 1322(d). During this period of time, creditors are forbidden from creating or developing collection efforts by law.

The following text converses the six elements of a chapter 13 proceeding. The topics discussed includes the benefits of choose chapter 13, eligibility requirements required for chapter 13 bankruptcy, how the proceedings for chapter 13 works, successful efforts that will make the arrangement work, and the unique discharge associated with chapter 13.

Advantages of Chapter 13 Advantages of a Chapter 13 Bankruptcy
A Chapter 13 bankruptcy can help you save your homes. Stop foreclosure proceedings and keep your home.
Chapter 13 Eligibility Chapter 13 Eligibility
Any individual is eligible width unsecured debts less than $383,175 and/or secured debt up to $1,149,525
How Chapter 13 Works How a Chapter 13 Bankruptcy Works
We start with making a list of all your assets and liabilities. Your income and expenses
The Plan & Confirmation Hearing The Plan & Confirmation Hearing
A plan is submitted for court approval and provides for payments of fixed amounts on a regular basis
Making the Plan Work Making the Plan Work
Simply make regular payments, adjust your lifestyle to live with a lowered income.
Chapter 13 Discharge Chapter 13 Discharge
When you complet of all payments of plan and completed an approved course in financial management...
Chapter 13 Hardship Discharge Chapter 13 Hardship Discharge
If circumstances arise that prevent you from completing the plan. You may ask the court to grant a "hardship discharge."

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1200 Westlake Ave N #1006, Seattle, WA 98109 ★ Phone: (206) 789-8751
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