Chapter 13 Bankruptcy Lawyers
Barbaruolo Law Firm, P.C. has represented individuals in foreclosures for decades. Our attorneys are experienced and thorough; and fight tirelessly for each individual client.
What is Chapter 13 bankruptcy?
Chapter 13 is a debt reorganization. It is available to individuals, married couples and businesses that are not incorporated. Chapter 13 allows debtors to retain assets and pay all or part of their debt over a period of time while the bankruptcy protection bar creditors from trying to collect. Debtors can repay back mortgage or car payments, pay taxes and avoid foreclosure and repossession. Chapter 13 is versatile and is an advantageous option for many people.
how does chapter 13 bankruptcy work?
how long does bankruptcy chapter 13 take?
A chapter 13 plan of reorganization can take anywhere between 3 and 5 years. How much money is paid into the plan and how long the plan term will be depends on a number of factors that your lawyer can help you determine.
can you buy a car while in chapter 13 bankruptcy?
am i eligible for chapter 13 bankruptcy?
If you are an individual with earnings (wages, social security, pension, etc) or an unincorporated business you are eligible for a chapter 13. The amount of debt owed must also be less than the maximum listed in section 109 of the Bankruptcy Code.
can i buy a house while in chapter 13 bankruptcy?
Yes. When you can buy a house while in an active chapter depends on how you intend to purchase it. For example if you intend to obtain a mortgage loan, the rules of the lender will determine eligibility. Often a debtor in a chapter 13 can qualify for a mortgage loan one year after the filing while the reorganization is active.
what does chapter 13 bankruptcy do to your credit?
can a chapter 13 bankruptcy be denied?
The goal of a Chapter 13 is to confirm a plan of reorganization. A chapter 13 can be denied if the debtor does not put forth a confirmable plan. If the amount of the debtor’s debt are higher than the debt limits under the Bankruptcy Code, the debtor may be ineligible for a chapter 13.
does chapter 13 bankruptcy stop foreclosure?
If the bankruptcy petition is filed before the foreclosure sale is conducted, the automatic stay stops the foreclosure sale. The Chapter 13 reorganization can be used to keep the stay in palace while the debtor restarts mortgage payments and uses the plan to pay back the mortgage arrears (the past due amount). Real property tax auctions are also stayed by filing a chapter 13 and the taxes can be paid back through the plan as well.