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The court could dismiss your case or change it to Chapter 7 if you’re late on your Chapter 13 payment. You can request a payment reduction or amendment if you’ve faced an unexpected financial ...
Some bankruptcy districts allow you to combine your mortgage and car payments into your Chapter 13 payment plan. This option leaves you with one large consolidated payment to make.
The court may give relief to the creditor in the form of periodic cash payments or an additional or replacement lien on the property. Concerned that debtors may exploit some of the advantages of automatic stay provisions, the United States Congress in 1994 provided some relief to certain creditors, such as creditors having a secured interest in ...
However, if the debtor fails to make the agreed upon payments or fails to seek or gain court approval of a modified plan, a bankruptcy court will normally dismiss the case on the motion of the trustee. [65] After a dismissal, creditors may resume pursuit of state law remedies to recover the unpaid debt.
The purpose of chapter 13 is to enable an individual with a regular source of income to propose a chapter 13 plan that provides for their various classes of creditors. Under chapter 13, the Bankruptcy Court has the power to approve a chapter 13 plan without the approval of creditors as long as it meets the statutory requirements under chapter 13.
If you fall more than one month behind on your Chapter 13 payments, the trustee may file a “Motion to Dismiss for Material Default.” If the court grants the order, your Chapter 13 case would ...
One of the biggest changes, called the "heart" of the Act's "bankruptcy reforms," [2] was the adoption of the means test for use in Chapter 13 bankruptcy proceedings. Chapter 13 requires debtors to submit a repayment plan for court approval to obtain a discharge of their debts.
Key takeaways. To get student loans discharged, you'll need to prove that they cause you "undue hardship." Borrowers can choose between Chapter 7 and Chapter 13 bankruptcy, but they must file a ...
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