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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 ...
Court filing fees: The standard filing fee for a Chapter 13 bankruptcy is $313. Post-filing debtor education: A debtor education course is also mandatory after filing, and fees generally range ...
Thirty days after your Chapter 13 filing date, you are required to begin making plan payments to the bankruptcy trustee for your case. This is required even if the court hasn’t approved your ...
Chapter 7, known as a "straight bankruptcy", involves the discharge of certain debts without repayment. Chapter 13 involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined by income. [49] [50] As many as 65% of all US consumer bankruptcy filings are Chapter 7 cases.
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Bankruptcy courts appoint a trustee to represent the interests of the creditors and administer the cases. The U.S. Trustee [3] appoints Chapter 7 trustees for a renewable period of 1 year, Chapter 13 trustees are "standing trustees" who administer cases in a specific geographic region.
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