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Chapter 13 Bankruptcy - Debt Adjustment

Chapter 13 -
Repayment of All or Part of the Debts of an Individual with Regular Income

Bankruptcy Court

1. Chapter 13 is designed for individuals with regular income who would like to pay all or part of their debts in installments over a period of time. You are only eligible for Chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code.

2. Under Chapter 13, you must file with the Court a plan to repay your creditors all or part of the money that you owe them, using your future earnings. The period allowed by the court to repay your debts may be three years or five years, depending upon your income and other factors. The Court must approve your plan before it can take effect.

3. After completing the payments under your plan, your debts are generally discharged with limited exceptions. Domestic support obligations; student loans; certain taxes; most criminal fines and restitution obligations; certain debts which are not properly listed in your bankruptcy papers; certain debts for acts that caused death or personal injury; and certain long term secured obligations, may continue to exist after discharge in Chapter 13.

Keep you home, auto, furniture, business, cash, all assets you choose under Chapter 13, because debts and arrears are paid "as if in full".

We determine your Chapter 13 plan payment by taking net monthly income less normal living expenses. The amount left over is paid to a trustee, who in turn pays creditors monthly.

Chapter 13 is not a loan. It is a federal plan that requires creditors take less each month from you, for a longer period of time. It is available to individuals with:

1. regular income from any source and,
2. unsecured debts not exceeding $336,900.00 or
3. secured debts not exceeding $1,010,650.00.

If the amount left over cannot repay creditors in full over 3 to 5 years, we reduce the balance owed to unsecured creditors and sometimes secured creditors. You pay creditors 0% to 100% of the balance owing depending on: 1) your budget and 2) your county's court.

We eliminate all interest on most unsecured debts and certain types of secured debt. This reduction of interest, balance owing, and extended time to pay, makes the payment affordable.

At Winterbotham Parham Teeple, a PC you receive the lowest payment plan allowed by law. Chapter 13 immediately stops foreclosure. Delinquent house payments are included in the payment plan and brought current over 60 months. After filing, regular house payments are paid outside the plan.

You can pay off your Chapter 13 plan anytime prior to completion without interest or penalty. However, if your plan pays creditors less than 100% of the amount due, you may need to pay creditors 100% to obtain an early discharge.

Winterbotham Parham Teeple, a PC is one of the most Experienced Bankruptcy Law Firms in Southern California. We provide legal assistance to those seeking relief under the United States Bankruptcy Code, in Southern California. We have been doing so proudly for over 30 years.

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