Chapter 13 Bankruptcy: A Matter of Definition

Chapter 13 refers to a U.S. bankruptcy proceeding in which the debtor undertakes a reorganization of his or her finances under the supervision and approval of the courts.

and has presumably gone down since the 2005 filing largely eliminated abusive serial Chapter 13 filings, which used to be used, often by quite wealthy people, to forestall evictions or foreclosure..

Other than consumer perceptions that bankruptcy is somehow unethical or "wrong", the primary issue with filing bankruptcy is that it remains on the debtor’s credit for up to seven (Chapter 17) or ten years (Chapter 13) from filing and may interfere with efforts to obtain credit, purchase or refinance a home or even obtain employment.

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A finding of "presumption of abuse" alerts the bankruptcy court to the fact that a debtor filing a Chapter 7 case has sufficient income to pay into a Chapter 13 repayment plan. (By definition, a Chapter 7 debtor’s income is too low to repay creditors.)

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Chapter 13 bankruptcy is a financial reorganization plan that protects the debtor from collection action during the case and discharges nearly all remaining balances at the end. The discharge in Chapter 13 covers some debts that cannot be discharged in Chapter 7.

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Chapter 13 may provide a debtor with bankruptcy protection even if he makes too much money to qualify for a Chapter 7 case or if he received a discharge in a prior Chapter 7 case. chapter 13 allows a debtor the length of the plan to pay back past due amounts owed on houses, cars and other loans that have collateral.

Chapter 7, known as a "straight bankruptcy" involves the discharge of certain debts without repayment. Chapter 13, involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined by income. As many as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases.

On January 20, 2018, Steven filed for Chapter 7 bankruptcy. of whether it fits within the precise definition of a self-settled trust. Roeder v. Priscilla Avers Family Tr. (In re Avers), Case No. 13.

2019 Bankruptcy Exemption Changes By Subject Matter. The following list groups the 2019 changes by subject. For more information on each of these topics, see our 50 State Bankruptcy Exemptions section. filing limits. debt limit for filing for Chapter 13 increases from 394,725 to $419,275. Means Test Form