Chapter 13 Bankruptcy Basic Information
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Generally, Chapter 13 Bankruptcy is preferred by debtors who have valuable assets, such as a home that is not completely covered by the bankruptcy exemptions they wish to keep.
In Chapter 13 Bankruptcy your bankruptcy lawyer develops a debtor plan proposing to repay a portion of their debt to creditors over a three to five year period during which the debtor makes up payments that are overdue and pay into the Chapter 13 plan the equivalent value of any assets not covered by the state or federal exemptions. The Chapter 13 plan developed by your bankruptcy lawyer will require regular monthly or biweekly payments to the Chapter 13 trustee; Chapter 13 Bankruptcy is usually appropriate only where an individual debtor has a regular source of income.
Your Chapter 13 plan is presented to the Nevada Chapter 13 trustee or Utah Chapter 13 trustee for approval and confirmation by the Nevada Bankruptcy Court or Utah Bankruptcy court at a confirmation hearing to ensure that the plan meets the Bankruptcy Code’s requirements for confirmation.