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Date Created: 12/20/15
Filing for Chapter 13 Bankruptcy Bankruptcy is inevitable as anything can happen to a person’s job or business. However, there are options to take when a person becomes bankrupt. Filing for bankruptcy is one option as it can help the debtor eliminate his debts depending on the type of bankruptcy he is filing for. To some, filing for Chapter 13 Bankruptcy is the solution to their financial struggles. It is important to know what Chapter 13 Bankruptcy is. It is an alternative to Chapter 7 Bankruptcy in the sense that those who cannot qualify for Chapter 7 Bankruptcy may be eligible for Chapter 13 Bankruptcy. To qualify for such a case, the debtor must be able to repay his creditors in due time preferably within 3 to 5 years. His secured debts must not be more than $750,000 and his unsecured debts must not exceed $250,000. Corporations and partnerships cannot file for Chapter 13 Bankruptcy. The debtor must then file for a petition in a bankruptcy court within their area. Along with this, he must submit all pertinent documents that the court would need during the proceedings. Asking the help of a bankruptcy lawyer can make the job easier. Once the petition is filed, creditors cannot run after the debtor while the case is ongoing. Unlike Chapter 7 Bankruptcy which would totally eliminate all of the debtor’s financial obligations, Chapter 13 Bankruptcy would require a repayment plan to assure that he can pay his debts within a given period of time. Also, the debtor must attend the creditor’s meeting which would take place within 20-50 days after filing the petition. Furthermore, he must attend the confirmation hearing wherein the court judge would determine if the repayment plan is feasible. More importantly, the debtor must adhere to the repayment plans and start making payments as soon as possible. For more information contact the law offices of Jeffrey A. Cancilla & Associates 714-702-5295. Read more here: www.slideshare.net/jeffreycancilla
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