{"id":5910,"date":"2022-06-09T04:07:43","date_gmt":"2022-06-09T04:07:43","guid":{"rendered":"https:\/\/recoverylawgroup.com\/?p=5910"},"modified":"2025-08-06T05:45:23","modified_gmt":"2025-08-06T05:45:23","slug":"chapter-13-bankruptcy-encyclopedia","status":"publish","type":"post","link":"https:\/\/recoverylawgroup.com\/staging_D\/chapter-13-bankruptcy-encyclopedia\/","title":{"rendered":"Chapter 13 Bankruptcy \u2013 Encyclopedia"},"content":{"rendered":"

Call: <\/strong>888-297-6203<\/strong><\/a><\/p>\n

Chapter 13 is a bankruptcy form that is not so popular but is a good alternative for many. People with consistent income can consider this bankruptcy chapter to safeguard their assets and payout as much debt as possible. Chapter 13 allows for a repayment plan with restructured debt and much more practical EMIs. There might be a discharge however it is almost negligible compared to the one in Chapter 7<\/a>. The tenure for the repayment can be 3-5 years. The emphasis in chapter 13 is to calculate the net disposable household income and utilize the same for a restructured payment plan for up to 3-5 years.<\/p>\n

Chapter 13 characteristics<\/strong><\/p>\n

In case, the disposable income does not allow for covering some debts, the debts especially the non-secured ones are discharged or released. There is a threshold for unsecured debt and secured debt which is updated every 3 years, the debt of the filer should be within that bracket to ensure he\/she qualifies for chapter 13<\/a>. Chapter 11 is another alternative for individuals and is the only Chapter 13-like arrangement option for the businesses. However, Chapter 11 has more filing costs and filers who have more debts beyond the Chapter 13 threshold usually prefer Chapter 11. Chapter 11<\/a> is also complex by nature and needs an attorney to file, which is not the case with chapter 7 or chapter 13.<\/p>\n

There are more updates recently which is to exclude the CARES act payments received from the disposable income calculations. Since these are relief payments they have been exempted by a law signed by the president recently. There is so much more to learn about chapter 13 and bankruptcy in general. Find the encyclopedia-like information on https:\/\/recoverylawgroup.com\/staging_D\/bankruptcy\/<\/strong><\/a>. Also, dial 888-297-6203<\/a> and connect with experienced attorneys<\/a> of Los Angeles & Dallas, TX at your fingertips.<\/p>\n\n

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