How
much would my Chapter 13 payments be?
It
depends on:
1.
How much you owe
2.
How long the Plan will last, and
3.
How much you can pay each month.
You and your lawyer together come up with an
amount that works for you.
Get answers to your questions, contact an attorney
Is Chapter 13 the best way to stop bill
collectors from bothering me?
Not
always. There are other ways to stop bill
collectors who bother you.
Collectors Bugging You?.
You may be able to set up a payment plan through a
credit counseling company. Creditors don’t have to
agree to a payment plan from a counseling agency.
But many creditors will agree. You may be able to stop or lower interest while
you make payments.
A “Slow Pay Motion” can help if you are sued over
just one or two debts. This lets you make small
payments and stops garnishment of your paycheck.
Consult with an experienced bankruptcy attorney.
What if my car was repossessed?
If they haven’t sold it yet, a Chapter 13 Plan may help get it back. But, you
must have enough income to pay
for your car in your Chapter 13 Plan. And you will
have to keep insurance on the car. If you don’t, you may have to give up the
car.
Who can file a Chapter 13 Plan?
Most anyone with enough regular income to pay basic
living expenses plus Chapter 13 payments.
Your
income doesn’t have to come from a job.
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Basic living expenses are
rent, food, lights, heating and
cooling, insurance, clothing and
transportation. Try adding up these costs. Don’t count your monthly
payments to creditors.
See if you would have money left
each month for a Chapter 13 Plan.
You
need a bankruptcy lawyer to tell you if Chapter 13 will work
for you.
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Can
I keep what I put up as collateral
(security) on a loan?
In most cases, yes. Ask your lawyer how it will work in your case
Can I be sued after filing a Chapter 13?
While you are making payments, creditors can’t sue
you or take (garnish) your paycheck. They can’t take
your property or your home without the Court’s OK.
What about when you finish all of your plan
payments? You should not be sued by anyone you paid through the plan. This
is true except for a few
creditors. Your attorney will tell you about those.
How often can I file a Chapter 13?
After
you file a Chapter 13, you can’t file another
one for 2 years. If you file a Chapter 7, you can’t file
a Chapter 13 for 4 years. Talk to an experienced bankruptcy attorney if you need
to file Chapter 13 sooner. There will be problems to
work out.
Should my husband or wife also file Chapter
13?
Not always. An attorney needs to review your circumstances and help you make
that decision. However, even if your spouse does not file, his/her income must
be included in the petition,
Contact Purple Law Firm today!
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What if I’m behind on my rent?
You
may be able to
stop an eviction
with a Chapter
13. It works very well if you live in Section 8 or
public housing.
You pay your back rent in your Chapter 13 payments. This may work even if you
broke the lease.
If you are
being evicted,
tell your lawyer right away.
Contact a banruptcy attorney
Can I get credit after I finish my Chapter 13
Plan?
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Maybe. A bankruptcy doesn’t
make your credit look better. Some
creditors will say you are a bad risk
and won’t give you credit. Others
will be glad to give you credit but
will charge you high interest.
Will I lose my home if I file Chapter 13?
Not if your Chapter 13 Plan
includes house payments and any back payments. Many people file Chapter 13 to
keep
their homes.
Can I list debts in my
Chapter 13 that I have
already been sued on?
Yes, you must list
ALL
your debts.
You can’t pick just the debts you
want to pay. Filing Chapter 13 will prevent a garnishment or levy of your
bank account. Also, in most cases there will be no post judgment interest
on such a debt in chapter 13.
What happens to my credit rating after I file a
Chapter 13?
That depends. If you need a Chapter 13, you
probably have a poor credit rating already. When you
finish your Chapter 13 plan, tell the
credit bureau. Ask that your credit
report show that you paid off your Chapter 13 plan. What if you want to go into
new debts while you are in Chapter
13? The court has to OK it first.
Part 1 Chapter 13 answers
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