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Chapter 13 Bankruptcy Rules

Chapter 13 bankruptcy is one of the types of bankruptcy that people are able to file to help themselves with their debt problems. There are differences among all of the types of bankruptcy, and some types of bankruptcy may be a better fit for some people than for others. Below are questions that have been answered by the Experts regarding Chapter 13 bankruptcy.

What is chapter 13 bankruptcy?

Chapter 13 bankruptcy allows individuals to go through a financial restructuring that is overseen by a federal bankruptcy court, which is part of the U.S. bankruptcy code under the Title 11 of the Unites States Code. The purpose of Chapter 13 bankruptcy is to allow debtors that have an income to do a debtor rehab if they fulfill a plan that is court-approved. Unlike chapter 7 bankruptcy, chapter 13 bankruptcy is a type of debt consolidation.

What are the differences between chapter 13 bankruptcy and chapter 7 bankruptcy?

There are several differences between chapter 13 bankruptcies and chapter 7 bankruptcies, with the main one being that the debtor has their debts discharged and pay nothing with chapter 7 bankruptcies. While a debtor must make payments monthly to the bankruptcy court for a time of up to five years with chapter 13 bankruptcies.

If a person is planning to file chapter 13 bankruptcy and has their significant other move in with them, will the significant other’s income affect the chapter 13 bankruptcy?

A person that is planning on filing chapter 13 bankruptcy would normally not include their live in significant others income in the chapter 13 bankruptcy. If the significant other is paying some of the expenses of the house, that needs to be included. For example if they are paying the internet bill then that should be mentioned in the filing of the chapter 13 bankruptcy.

When a person files chapter 13 bankruptcy can they lose their income tax return to the bankruptcy?

Yes in most situations a person can lose their income tax return when they file chapter 13 bankruptcy; it can be taken by the trustee unless the tax return has been exempted by state law. If the tax return has been filed prior to the bankruptcy then the tax return may not be taken by the trustee. Also if couple gets married and file jointly after the bankruptcy has been filed and only one party of the marriage is filing for bankruptcy, the trustee may only take the portion from the one that has filed the bankruptcy.

What happens to renters when their landlord files chapter 13 bankruptcy?

The filing of chapter 13 bankruptcy by a landlord has no bearing on the tenants; the tenants should continue to pay their rent to keep themselves from falling into default. Due to the “Protecting Tenants at Foreclosure Act of 2009”, a person that is leasing may stay until the end of the lease. For those tenants whose lease is on a month-to-month basis, notice of 90 days is given before having to move out.

Chapter 13 bankruptcy is one option that people who are having trouble with their debt load have to rectify their situation. Deciding to file bankruptcy and figuring out which type best suits a person’s situation is a difficult decision. There are many questions that a person may have, and it is always a good idea to speak to someone who has experience in the area of chapter 13 bankruptcy.
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