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Chapter 13 Bankruptcy Rules

A Chapter 13 Bankruptcy is one of the most common forms of bankruptcy. A Chapter 13 Bankruptcy helps an individual to adjust their debt if they have a regular income. A person may be allowed to keep all of their property in most situations under a Chapter 13 Bankruptcy. However, there may be many rules and regulations that a person filing a Chapter 13 may have to follow. Given below are some of the most commonly asked questions about Chapter 13 Bankruptcy by the Experts.

How long will a Chapter 13 Bankruptcy stay on an individual’s credit score?

A Chapter 13 Bankruptcy may remain on an individual’s credit score for a period of 7 years from the date when it was discharged or a period of 10 years from the date it was filed.

Under what circumstances would a person be eligible to lower their payments in a Chapter 13 Bankruptcy?

A person may be eligible to lower his/her payments under a Chapter 13 Bankruptcy under the following circumstances:
The person’s income passes the means and median test
There is an increase in the person’s basic living expenses due to additions in the family
The individual’s disposable income has considerably come down for the past 3 months due to unexpected expenses or loss in income
The person cannot stick to the payment plan that he/she agreed upon due to his/her current income.
The person’s income has been affected due to an illness, unemployment, divorce or death of a spouse.
The person has had financial trouble which has affected the possibility of him/her earning more money
The person’s auto loan value can be got down as per the new rules and regulations.

What happens if a person dies in the middle of a Chapter 13 Bankruptcy?

When a person files for a Chapter 13 Bankruptcy, they enter a 3-5 year plan and agree to make monthly payments to the trustee. If the individual dies in the middle of the bankruptcy, the person’s estate will have to continue with the agreed plan. If, for some reason, this is not possible, the creditors may petition to convert the Bankruptcy to a Chapter 7.

What can a person do if a creditor tries to settle a debt that was dismissed in bankruptcy?

If a creditor tries to settle a debt that was dismissed in bankruptcy, the person may send the creditor a letter informing him/her that the debt was dismissed in the bankruptcy. The individual may give the creditor the state and case number for reference.

Can one use the 403b retirement fund to pay the federal taxes if one has filed for a Chapter 13 Bankruptcy?

One may use the 403b retirement fund to pay federal income tax if one is not employed with the agency that set up the 403b plan.

What are the next steps that a person needs to take after filing for a Chapter 13 Bankruptcy?

Once a Chapter 13 Bankruptcy has been filed, an individual may come up with a guaranteed plan to repay the debts and creditors. The individual may get the approval of the court for the plan. Once the court approves the plan, it will be the individuals’ responsibility to stick to the plan and make it work. The individual may pay the trustee regularly. The payment may either be made directly to the trustee or through payroll deduction. The person may also have to avoid getting a new debt without asking the trustee as it can affect their ability to repay already existing debts.

You may not know what to do if you are faced with financial difficulties. Debts acquired over a period of time can add to these troubles leaving you helpless and in the fear of losing all that you may have. One of the things that you can do when faced with such a situation is file for a Chapter 13 Bankruptcy. However, there are many rules that you may have to follow while doing so. Understanding and obeying these rules is of upmost importance. You may ask an Expert if you do not understand any aspect of a Chapter 13 Bankruptcy or need more information about it.

Ask a Financial Professional

Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: General
Satisfied Customers: 2163
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
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Rakhi Vasavada
Financial and Legal Consultant
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Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level

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