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Are you trying to find a way out of debt but notice that your debts keep increasing month after month? You are not the only person struggling in a situation like this. A lot of people find themselves in this position, and many people turn to Chapter 13 bankruptcy for help. If you do not know a lot about this option, here are four facts you should know that may help you decide if you should pursue it or not.
It's Called "The Wage Earner's Plan"
The first fact to understand is the title people give Chapter 13. They call it "the wage earner's plan," and there is a reason it earned this name. To quality for it, you must have a steady income. You must also prove that you have enough income to repay your debts if you want to use this branch. If you can prove this fact and decide to use Chapter 13, you will have a repayment plan.
You Get Either Three or Five Years to Repay Debts
Secondly, the repayment plan you end up with will last for either three years or five years. There is no other option. To figure out which amount of time you will get, your lawyer will compare your income to average incomes. The average income in your state is something that lawyers call the median income. If you make an amount that exceeds the median amount, you get a five-year plan. If the amount is under this, you get a plan for three years.
You Keep Your Assets
The third fact to understand is that you do not have risks with losing valuable assets. With Chapter 13, you can keep your cars, house, and other assets. Keeping assets is one of the perks you receive by repaying debts through bankruptcy instead of getting your debts forgiven.
You'll Get a Discharge of Debt Only in Certain Situations
A discharge is equivalent to debt-forgiveness. In Chapter 7, you automatically receive a discharge, but this is not the case with Chapter 13. You may, however, end up getting a discharge for some debts at the conclusion of your plan. It depends, though, on what debts you have remaining at the end.
Understanding a legal process before using it is always an important step to take, and this is true of Chapter 13 bankruptcy, too. If you believe that it is the best solution for your financial woes, talk to a lawyer to learn more about it.
Share17 March 2020
