Will a person lose any property if he or she files under chapter 13?
Usually not under chapter 13. Creditors are usually paid out of the debtor’s income and not from the debtor’s property. However, if a debtor has valuable nonexempt property and has insufficient income to pay enough to creditors to satisfy the court, some of the...How does chapter 13 differ from a private debt consolidation service?
In a chapter 13 case, the bankruptcy court can provide aid to the debtor that private debt consolidation services cannot provide. For example, the court has the authority to prohibit creditors from attaching or foreclosing on the debtor’s property, to force...What fees are charged in a chapter 13 case?
There is a $185 filing fee charged when the case is filed, which may be paid in installments if necessary. In addition, the chapter 13 trustee assesses a fee of 10 percent on all payments made under the plan. Thus, if a debtor pays a total of $5,000 under a chapter 13...When is chapter 13 preferable to chapter 7 for a debtor?
Chapter 13 is usually preferable for a person who: wishes to repay all or most of his or her unsecured debts and has the income with which to do so within a reasonable time, has valuable nonexempt property or has valuable exempt property securing debts, either of...
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