Bankruptcy
April 29, 2008
Chapter 13 Payments
Chapter 13 payments are established as part of Chapter 13 bankruptcy filing. The debtor must make regular payments directly to an assigned Trustee who oversees the case. The Trustee will then disperse payments to creditors until accounts are paid in full. In some instances, chapter 13 payments can be made through payroll deductions if approved by the bankruptcy court.
Once bankruptcy has been approved, chapter 13 payments are outlined in the debtor's repayment plan. Regular payments are made to repay creditors, tax liens and if the debtor owns a home, chapter 13 repayment plans can help stop foreclosure.
Real Estate Investing article on "Chapter 13 Payments"
March 01, 2008
Chapter 13 Bankruptcy may not be the right option.
Chapter 13 Bankruptcy is the most common type of bankruptcy filed in the United States. Also known as Wage Earner's Plan, Chapter 13 allows individuals to retain their possessions and repay their debts over a period of three to five years.
Individuals facing foreclosure oftentimes file Chapter 13 Bankruptcy in an effort to save their home. Filing Chapter 13 can stop foreclosure proceedings; however, the individual must continue making mortgage payments in a timely fashion.
Real Estate Investing article on "Chapter 13 Bankruptcy may not be the right option."
