I have a lot of credit card debts and collections lawsuits against me. My house has too much equity for a Chapter 7 BK. Can I file for a Chapter 13 Bankruptcy if I have only unsecured debts. I essentially need to create a payment plan for my unsecured debts while under the bankruptcy protections. Thanks.
Yes, you may file chapter 13 if unsecured debt only. If you have exposed equity in your home or other assets, Chapter 13 bankruptcy may be the best option available to you. Your monthly chapter 13 plan payment will depend on your disposable income calculation and the amount of nonexempt assets (including nonexempt equity in your home, etc., etc.)
Yes of course. You can repay your credit cards, without interest, in Chapter 13. You may be able to discharge the entire amount of the debt while only paying a portion of the total amount you owe. Find a local consumer bankruptcy attorney on AVVO and get started.
I am not your attorney unless you and I have signed a retainer agreement. What I am saying is not legal advice. Do not act on this information without engaging my services, this is for consideration only.
Yes, if you qualify for Chapter 13. Chapter 13 has debt limitations. For example, your secured debt cannot exceed $1,184,200.00 and your unsecured debt cannot exceed $394,725.00. If you are under these limitations and you have the ability to fund the Chapter 13 plan, then you may be eligible. Your creditors must receive at least as much as they would in a hypothetical Chapter 7 case. This is known as the "Best interest of creditors test." If creditors would be paid in full in a Chapter 7, by liquidation of your non-exempt assets, then they must be paid in full in Chapter 13. If liquidation of non-exempt assets provides for less than 100% payback, then less than 100% chapter 13 plan may be proposed and you would keep all of your assets. Consult with a local bankruptcy attorney to run an analysis of your case.
Chapter 13 was designed/intended to help a person in your situation. Because of the actual/pending lawsuits, it is very important that you do not delay in getting your case filed. Find/consult/hire an Avvo lawyer by clicking on the tab "Find a lawyer". Talk with several and hire the one who (1) promptly returns your call; (2) explains everything clearly without using a lot of "legalese" (3) willing to discuss costs and give you a fee estimate; (4) willing to give you a no-cost case analysis in person or by phone. Some Avvo lawyers can deal with your situation without you having to visit the attorney's office. Filing a Chapter 13 is not a DYI project. Statistics confirm non-lawyer assisted 13's are almost always dismissed for failure to follow the sometimes arcane procedural requirements. Let us help you. Some or most of the attorney fees can be paid off thru the Plan which reduces your upfront, out of pocket expense. Don't wait on this.
You are not my client and I am not your attorney. This advice is given in the spirit of the AVVO platform and is based on general legal principles. You become a client when you enter into a formal retainer agreement with me.
You need not have problems with your secured debt to be eligible to file a Chapter 13 proceeding. Having too much equity in property is one of the reasons why a Chapter 13 proceeding would be recommended for a person and it sounds like that would be an excellent option for you.
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