How many pages do you need to fill out for Chapter 13?

There are 23 separate forms, totaling roughly 70 pages in your Chapter 13 petition. You must enter all of your financial data and be able to give the court a full and accurate picture of your financial situation. Part of filling out the bankruptcy forms in a Chapter 13 case is also drafting your Chapter 13 repayment plan.

How much does it cost to file a chapter 13 bankruptcy?

The filing fee for a Chapter 13 case is $313. You’ll need to pay the full amount directly to the court when you go to file your forms. There is no fee waiver option when filing a Chapter 13 case like there is with a Chapter 7. Make sure to also print out the exact number of copies your local bankruptcy court requires.

What makes a business file for Chapter 7?

Chapter 13 protects personal assets, such as a home, which would be exposed to seizure if a sole proprietor filed Chapter 7. A business that lacks a viable future and is overwhelmed by obligations is a good candidate for a Chapter 7 business bankruptcy.

Can a Chapter 7 debt be discharged in Chapter 13?

Certain types of debts that are not discharged in Chapter 7 may be discharged in Chapter 13. Worth noting: Chapter 11 bankruptcy, once only for businesses (see below), is available to individuals with debts above the Chapter 13 limits. Most often, Chapter 11 is the refuge of celebrities, pro athletes, and real estate investors.

How does a bankruptcy trustee look at preference payments?

The bankruptcy trustee does not look at secured loans when they look at your papers for preference payment claims. The Bankruptcy Code looks at preference payments to insiders differently from regular creditors. The Code wants to give a fair shake to all creditors.

How much does it cost to file Chapter 7 bankruptcy?

Chapter 13 is the only type of bankruptcy that can protect a co-signer, but that only works because you end up paying the debt through your repayment plan. The bankruptcy court charges a $338 filing fee for Chapter 7 cases.

How long does a chapter 13 repayment plan last?

A Chapter 13 repayment plan lasts from three to five years, depending on how much you have to pay back and how high your income is. Once you’ve completed your payments, you will receive your bankruptcy discharge.

What happens when you file a chapter 13 bankruptcy?

Under Chapter 13 bankruptcy, you submit a proposed plan to make monthly payments for three to five years to a bankruptcy trustee who distributes those payments to creditors who’ve filed proper claims. In a Chapter 13 case, you won’t be required to turn over any property (other than cash).