Wage Earner Bankruptcy: A Closer Look at the Chapter 13 Plan
Knowledge Resources |
Bankruptcy can be a difficult and overwhelming process, but it’s a path to financial recovery for those facing overwhelming debt. One type of bankruptcy that can offer relief to individuals with a regular source of income is Chapter 13 bankruptcy, also known as the Wage Earner Plan. This plan allows individuals to repay their debts over a period of three to five years while protecting their assets and stopping creditor harassment.
What is the Chapter 13 Wage Earner Plan?
Chapter 13 bankruptcy is a type of reorganization bankruptcy that is designed for individuals with a regular source of income. This type of bankruptcy allows individuals to repay their debts over a period of three to five years while also providing them with the protection of the automatic stay, which stops creditor harassment. In Chapter 13 bankruptcy, the individual must have a reliable source of income to make payments to their creditors, which is why it’s known as the Wage Earner Plan.
Eligibility for Chapter 13 Bankruptcy
To be eligible for Chapter 13 bankruptcy, an individual must meet certain criteria. They must have a regular source of income, be an individual (not a corporation or partnership), and have debt that falls within certain limits. For unsecured debt, such as credit card debt and medical bills, the limit is $419,275. For secured debt, such as a mortgage or car loan, the limit is $1,257,850.
The Chapter 13 Bankruptcy Process
The Chapter 13 bankruptcy process begins with the filing of a petition with the bankruptcy court. This petition must include a plan for repaying debts, which must be approved by the court. The individual must also attend a meeting of creditors, where they will answer questions about their finances and the plan for repaying their debts. Once the plan is approved, the individual will make payments to the bankruptcy trustee, who will distribute the payments to creditors.
The Advantages of Chapter 13 Bankruptcy
One of the main advantages of Chapter 13 bankruptcy is the protection of assets. In this type of bankruptcy, individuals can keep their assets, such as their home and car, as long as they continue to make payments on their debts. Another advantage of Chapter 13 bankruptcy is the automatic stay, which stops creditor harassment and wage garnishment. Additionally, individuals in Chapter 13 bankruptcy may be able to reduce the amount they owe on certain debts and catch up on missed payments on secured debts.
Chapter 13 bankruptcy, also known as the Wage Earner Plan, offers a path to financial recovery for individuals with a regular source of income who are facing overwhelming debt. This type of bankruptcy allows individuals to repay their debts over a period of three to five years while also providing protection for their assets and stopping creditor harassment. If you are considering bankruptcy, it’s important to speak with a qualified bankruptcy attorney to determine if Chapter 13 bankruptcy is the right choice for you.
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