What is Chapter 13 Bankruptcy Protection All About?

Written by Adam Peck Category: Nursing Homes January 23rd, 2013 1 min read

One should understand and have the knowledge of the most crucial and prominent feature of bankruptcy Chapter 13. It is something different from File Chapter 7 Bankruptcy, it do not make free all outstanding payments instantly. On the other side debtors try to repay the debt to the creditors approximately a short time of five years. He is required to make a record for his monthly payments and give or present this expense list to the court.

Eligibility It is but natural that for different types of filing for bankruptcy plan the eligibility criteria is also different. To be eligible for filing bankruptcy, you must have secured debts no more than $800,000 and unsecured debts about $300,000. Hence in case of ownership like the secured creditor or vehicle hold the specific of total payment of outstanding expenditure if the purchase date remains within 30 months from the date of filing chapter 13. Individual can get a relief under the same clause inside last 2 years or else in chapter 7, 11, 12 within last 4 years.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.