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Lecture Notes: Bankruptcy |
Qualifications: Not just everybody can file for Chapter 13 protection.
The Chapter 13 Plan: What are the provisions and requirements to participate in a wage-earners plan?
Motions, Complaints and Problems:
Who Can File for Chapter 13 Protection.
Unlike a chapter 7, a debtor must qualify, falling within the following criteria::
-stable income, an ability to make regular payments under the plan-unsecured debts of less than $250,000 and-secured debts less than $750,000.00.
Same documents are necessary as in a chapter 7, but also have a Plan, due within 15 days after filing the petition.
Filing the petition obtains the same automatic stay, but there is an additional
co debtor stay. The co-debtor prevents creditors from attempting to collect
a debt from a non-filing co-debtor or guarantor, which would defeat the purpose
of the plan.