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Chapter
13, known as the "Wage Earner Bankruptcy,"
is designed for those individuals who are able to repay
a portion of their debts over a three-to-five year period
of time.
Common reason to file Chapter 13 are:
own
property not be considered exempt under Chapter 7
save
your Home without fear of foreclosure
save your Car without fear of repossession
have
debts worked out, such as student loans
earn
too much to qualify for Chapter 7
During the course of your Chapter 13 bankruptcy, you
will not be permitted to save any money, including putting
money into a pension plan or repaying a pension loan.
This is because, by filing a Chapter 13 bankruptcy and
by seeking the protection of this portion of the law,
you are agreeing to pay to the trustee all money not
being spent on necessities each month. If you were to
put money away for the future, that would break the
terms of your agreement with the court. On the other
hand, however, you will be able to be secure in the
knowledge that you are paying your debts and will emerge
from your bankruptcy owing no money to anyone else.
You
should know you have certain legal rights and must be
very selective of the Lawyer or Law Firm that you chose
to represent you.
Beware
of Credit Scams
Have an Attorney council
you on the Right Decision for You.
Get
a Free Consultation today.
Corporate
Office:
445 Broadhollow Rd.
(Route 110)
Suite CL-10
Melville, NY 11747
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