Information about Chapter 13 Bankruptcy
- What is Chapter
13 Bankruptcy?
- How long is a
Chapter 13 Bankruptcy?
- How is a Chapter
13 Bankruptcy Payment Calculated?
- How will Chapter 13 Affect My Credit Score?
- Can I incur new debt in
a Chapter 13?
- What are the Fees for a Chapter 13?
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Chapter 13 bankruptcy is a reorganization
bankruptcy. The debts you repay depend on whether they are unsecured
or secured, whether you are current and behind, and how much money
you make.
In a Chapter 13, you'll make a monthly payment to
a Trustee. The Trustee then takes this payment and divides it
among your creditors. The amount paid to each creditor is determined
by a Bankruptcy Plan.
Contact Longo Law Firm for information about your
particular case.
A Chapter 13 Bankruptcy is required to be at least
3 years (36 months) long. It can be as long as 5 years (60
months).
The length of your particular bankruptcy will
depend on your income, the debts you are required to pay, and how
much money you have available each month to pay the debt.
This is case specific and cannot be determined
without information about your income, property and debts.
Contact Longo Law Firm for information on how this amount is
calculated in your particular situation.
When you file a Chapter 13 Bankruptcy, the
bankruptcy stays on your credit report for up to 10 years from the
date of filing. Each credit bureau calculates a credit score
differently, so it's impossible to tell how the bankruptcy will
impact your score. However, the older your bankruptcy, the
less it will impact your credit score.
After you have received a Chapter 13 discharge,
you should review your credit report at least once a year to ensure
there are no errors.
Only if you ask the Court for permission first.
You must tell the Court how much your monthly payments will be, what
you want the new debt, and how you plan on paying for the debt.
After the Court approves the new debt, the transaction can go
forward.
There are three separate fees for a Chapter 13
bankruptcy:
- Attorney Fees
- Court Costs
- Two Certificates
The Attorney fees are regulated by the Court and
are $3000 for the entire length of your bankruptcy. When you
ask an attorney "How much do you charge for a Chapter 13?" you are
actually asking what portion of the $3000 gets paid before filing.
The remaining balance gets paid after your case gets filed as part
of your bankruptcy plan payment. The amount Longo Law Firm
asks you to pay before filing varies by the complexity of your
specific case. Contact our office for a
consultation to discuss your case and how much the fees will be.
Court Costs are set by the Court where your case
is filed.
The Eastern District of Missouri's fees are here. You should
pay this fee before your case is filed. However, if you are
suffering from great financial difficulty, you can ask the Court to
pay this fee in installments.
The two certificates needed to file a bankruptcy
are a Credit Counseling Certificate (obtained before your case is
filed) and a Financial Management Certificate (obtained after your
case is filed. For more information,
click here.
