Chapter 13, also known as “wage earner bankruptcy”, requires a reliable source of income that can be used to pay off some of the debt. While filing for Chapter 13 bankruptcy, a repayment plan must be proposed that details how the debt will be paid off within 3-5 years. The minimum amount to be paid depends on how much the consumer earns, how much they owe, and how much the unsecured creditors would receive if Chapter 7 was filed instead. The federal government limits the debt amount to under $1,149,525 in secured debt and under $383,175 in unsecured debt. If secured debts are involved, the consumer has the option to make up missed payments to avoid repossession.
Call Ventura Attorney Daniel A. Higson at 805-644-7111
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