Chapter 13 Bankruptcy
Regular income individuals may seek an adjustment of debts under Chapter 13 Bankruptcy.
Even individuals operating an unincorporated business or self-employed, are eligible for chapter 13 bankruptcy relief as long as the individual's unsecured debts are less than $307,675 and secured debts are less than $922,975.
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A particular advantage of chapter 13 is that it provides individual debtors with an opportunity to save their homes from foreclosure by allowing them to make past due payments through a payment plan.
Fees that must be paid to the clerk of the court upon filing:
$235 case filing fee
$39 miscellaneous administrative fee
A discharge releases the debtor from all debts provided for by the plan or disallowed, with the exception of certain debts referenced in 11 U.S.C. § 1328.
Debts not discharged in chapter 13:
certain long term obligations (such as a home mortgage)
debts for alimony and child support
certain taxes
debts for most government funded or guaranteed educational loans or benefit overpayments
debts for death or personal injury caused by the debtor's operation of a motor vehicle while under the influence of alcohol or other substances
debts for restitution or a criminal fine included in a sentence on the debtor's conviction of a crime.
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