What is a Chapter 13 discharge?

What is a Chapter 13 discharge?

A Chapter 13 debtor is entitled to a discharge upon successful completion of all payments under his or her Chapter 13 plan. By the time of the entry of the discharge, the debtor would have already completed the terms of the Chapter 13 plan. Monthly payments over a 3-5...
Who is a Chapter 13 trustee?

Who is a Chapter 13 trustee?

A Chapter 13 trustee is an individual who is appointed by the U.S. Trustee’s Office to be the trustee of the bankruptcy estate of each person who files for Chapter 13 bankruptcy relief. Bankruptcy judges do not handle the day-to-day administration of cases. The...
Can a bankruptcy 13 plan be modified?

Can a bankruptcy 13 plan be modified?

Yes. A debtor can file a motion at any point during the case to modify the terms of a confirmed Chapter 13 plan. As a little background, the debtor would have filed the chapter 13 plan when the case was filed. A plan contains many provisions including how much the...
What is confirmation of a Chapter 13 plan?

What is confirmation of a Chapter 13 plan?

When a debtor files for Chapter 13 bankruptcy relief, he or she must file a Chapter 13 plan. A Chapter 13 plan is a written document that essentially is a roadmap for the entire case. It is the basis for the administration of the case. It is what the Chapter 13...
What is a Chapter 13 plan?

What is a Chapter 13 plan?

When a debtor files for Chapter 13 bankruptcy relief certain documents are filed with the court, one of which is the Chapter 13 plan. The other documents filed are the bankruptcy petition, schedules and statement of financial affairs. All of the documents are...
What is Chapter 13 bankruptcy?

What is Chapter 13 bankruptcy?

Chapter 13 is a type of bankruptcy in which a debtor offers to pay his or her net projected disposable income for a period of 3-5 years. Most debtors file for Chapter 7 bankruptcy relief but many do not understand the benefits of a Chapter 13 bankruptcy. Chapter 13...
What is ‘secured’ debt?

What is ‘secured’ debt?

A “secured” debt is a debt where you have pledged property (also known as “collateral”) to ensure your payment of the debt. In other words, if you are unable to pay the debt, the lender can take the collateral and have the collateral sold to generate funds to pay the...
What are Exempt Assets?

What are Exempt Assets?

Exempt assets are assets the person filing for bankruptcy can shield from creditors and the bankruptcy estate. In other words, they are untouchable assets and yours to keep post-bankruptcy. In California, individuals are allowed to claim their home or a portion of...