Chapter 13 Bankruptcy Advice
Posted on August 12, 2010
Filed Under Bankruptcy, Credit, Debt Relief, Personal Finance | Leave a Comment
1.Anybody, whether or not self-employed or operating an unincorporated business, is entitled to chapter 13 relief so long as the individual’s unsecured debts are less than $360,475 and secured debts are fewer than$1,081,400. 11 U.S.C. – 109(e). These amounts are regulated periodically to reflect differences in the consumer price index. A corporation or partnership probably are not a chapter 13 debtor. Id.
Anyone cannot file under chapter 13 or another chapter if, through the preceding 180 days, a previous bankruptcy petition was dismissed due to the debtor’s willful incapacityto appear before the court or agree to orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. 11 U.S.C. — 109(g), 362(d) and (e). Furthermore, no individual will be a debtor under chapter 13 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit guidance from an approved consumer credit counseling agency either in an individual or group briefing. 11 U.S.C. — 109, 111. There are exceptions in emergency situations or where the U.S. trustee (or bankruptcy administrator) has determined that there are insufficient approved agencies to provide the required counseling. If a debt management plan
2.A chapter 13 case begins by filing a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. Unless the legal court orders otherwise, the debtor must also file with the court: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a schedule of executory contracts and unexpired leases; and (4) a statement of financial affairs. Fed. R. Bankr. P. 1007(b). The debtor must also file a certificate of credit advice and then a copy of any debt repayment plan developed through credit advice; evidence of payment from employers, if any, received 60 days before filing; a statement of monthly net revenue and any anticipatedincrease in income or expenses after filing; and a record of any interest the debtor has in federal or state qualified education or tuition accounts. 11 U.S.C. – 521. The debtor must provide the chapter 13 case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case (including tax returns for prior years that had not been filed when the case began). Id. A husband and wife may file a joint petition or separate petitions. 11 U.S.C. – 302(a). (The Official Forms may be purchased at legal stationery stores or downloaded from the Internet at www.uscourts.gov/bkforms/index.html. They are not available from the court.)
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