What assets are protected in Chapter 13?
Protecting Property With Exemptions in Chapter 13 Bankruptcy Bankruptcy exemptions allow you to protect property such as household goods, some equity in a house and car, and a qualified retirement account. Exemptions don’t cover non-essential luxury items, like boats or vacation cabins (nonexempt property).
What happens if a creditor objects to Chapter 13?
The trustee (or a creditor) can object to the Chapter 13 plan if it appears that someone isn’t getting paid the right amount. A judge has the final say, however, and will either approve or reject the plan at the confirmation hearing.
How long does a creditors have to object to a Chapter 13 plan?
Objections to the confirmation of a chapter 13 plan that is timely filed and noticed prior to the § 341 meeting of creditors must be filed not later than seven (7) days after the date of the § 341 meeting of creditors.
What if I lose my job during Chapter 13?
If you lose your job during the Chapter 13 repayment period, you can petition the Bankruptcy Court for a modification or a hardship discharge. You use your income to make plan payments to the bankruptcy trustee, usually on a monthly basis.
Can a married person file Chapter 13 individually?
Yes, a married individual can file for Chapter 13 bankruptcy without their spouse. But if you share a household, your spouse’s income must be included in the petition. Those who live in separate households do not need to include their spouse’s income — which is often the scenario in a separation case.
Can I get a second job while in Chapter 13?
Your bankruptcy lawyer will most likely advise against getting a second job in Chapter 13 unless you can pay all your creditors off early or just enjoy working more.
What is the minimum Chapter 13 plan payment?
That means that in your Chapter 13 case, your unsecured creditors must receive, as a group, at least $6,550. Each creditor will receive a percentage of that amount, depending on the amount of its claim.
What if I have no disposable income for a Chapter 13?
And you have no disposable income left over to pay into the plan. At the end of your Chapter 13 plan, all dischargeable debts will be wiped out. This includes your unsecured, nonpriority debts, whether your plan pays these creditors in full, pays them in part, or pays them nothing at all.