Chapter 13 Bankruptcy
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If any of the following apply, you should consider whether a Chapter 13 bankruptcy is a better option: q You are behind on mortgage or car payments q You have income tax debts. Tax debtors gain real advantages with a Chapter 13 filing. Tax debt info q You want to pay your debts but need time to do it q You have substantial non-exempt property you want to keep. q You have a co-debtor on a personal debt. |
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Original Wilson County Courthouse |
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· Chapter 13 can stop repossessions and foreclosures, giving you time catch-up overdue payments. · You can avoid interest and penalties on overdue taxes. · There are no advance attorney fees for a Chapter 13 bankruptcy. Fees in most cases are $1300 and are paid through the bankruptcy court. · Payments are set up through wage withholding |
· You must pay your disposable income into the bankruptcy plan for 3 to five years · A Chapter 13 plan can be converted to a Chapter 7 plan, if necessary. |
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When
Chapter 13 won’t help |
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·
You do not have any
regular income ·
You have no income
after paying for basic needs ·
You are not willing
to make payments for 3-5 years of the plan |
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