More Help on Debts addressed in the Chapter 13 Repayment Plan
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Debts included in the plan include priority, secured and unsecured debts. Priority debts are given special status and include the costs of the bankruptcy and taxes. Secured debts include those which are backed by property or collateral and unsecured claims are those which are not backed by collateral or property which can be repossessed to pay the debt obligation.
Creditors who wish to receive payment for outstanding debts must file a Proof of Claim. Objections can be made by the debtor to the creditor claims. Creditors must respond to objections within 30 days in writing and if they do not, the claim is modified according to the objection or rejected. Judges may hold hearings to review the creditor responses, and the debt is considered valid unless the debtor can provide proof to discredit the claim.
The Chapter 13 Bankruptcy plan must be created and proposed in “good faith.” It also must be in the best interest of the creditors, giving unsecured creditors as much money as they would have received if the debtor had filed a Chapter 7 Bankruptcy. The Chapter 13 Bankruptcy plan must also provide full payment of priority claims and payment for the value of other secured claims.
The two most common consumer bankruptcies are Chapter 7 and Chapter 13, our sponsoring lawyers handle these types exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Our Bankruptcy attorneys will fight to protect your rights and your property, fight the aggressive and annoying creditors for you, and they can help you keep your home, vehicles and other property.
A lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives we offer, even easier.Get Help Now