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The wage-earner plan is a nickname given to Chapter 13 bankruptcy. The reason to give this name to the chapter 13 bankruptcy is due to the characteristics of the bankruptcy chapter. Unlike Chapter 7, Chapter 13 focuses on clearing as much as debt possible using a reliable source of income through the next 3-5 years. The tenure depends on the debt and the disposable income. There is a misconception that a wage-earner plan does not result in a discharge. However, there can be a discharge if the future disposable income isn’t sufficient to repay some of the debt. It is also not a guarantee to prevent all assets. As no assets are for free and there must be payments made to retain or hold the assets.
Who chooses chapter 13?
People who do not want to lose their sole shelter home, usually depend on Chapter 13. Chapter 13 not only temporarily halts foreclosure and other procedures of recovery, but also provides for an opportunity to retain the asset over a future period. People who want to safeguard any of their assets might choose to file bankruptcy via Chapter 13. Also, a large majority of people who usually file for Chapter 13 are the ones who do not qualify for Chapter 7. To know about the eligibility criteria for Chapter 7 log on to https://recoverylawgroup.com/bankruptcy/.
Filing for Chapter 13
Chapter 13 filing is a touch complex and there might be various perceptions or ways to propose a payment plan. It is not always easy to figure out net disposable household income and propose a restructured payment plan that is to satisfaction of the bankruptcy trustee as well as the creditors. Hence, while filing Chapter 13 apart from the documentation it isn’t a harm to have world-class attorneys available on 888-297-6203 by your side. These attorneys are from Los Angeles and Dallas, TX which see the highest number of bankruptcy cases on a day-to-day basis hence, can resolve your query almost instantly.