Posted on: 07th Nov, 2011 07:03 am
hello i live in pa and i have about 40k in unsecured debt. i have equity in my home and i have a motorhome and a pontoon boat and 6 vehicles. My husband lost his business in 2008 and now he is a truck driver but he is a sub contractor driver he is paid by the load but the loads are not guaranteed. would we qualify for chapter 13 because we want to keep our assets.
Hello booboo,
As part of the reorganization, the debtor must submit and follow through with a plan to repay outstanding creditors within three to five years. In most circumstances, the repayment plan must provide a substantial payback to creditors - at least equal to what they would receive under other forms of bankruptcy - and it must, if needed, use 100% of the debtor's income for repayment.
:idea:
As part of the reorganization, the debtor must submit and follow through with a plan to repay outstanding creditors within three to five years. In most circumstances, the repayment plan must provide a substantial payback to creditors - at least equal to what they would receive under other forms of bankruptcy - and it must, if needed, use 100% of the debtor's income for repayment.
:idea:
Hi booboo,
As far as I can understand, you will be able to qualify for Chapter 13. However, it will be better if you could contact a bankruptcy attorney and discuss your case with him. He will help you know which chapter of bankruptcy filing will be best suited for you.
Thanks
As far as I can understand, you will be able to qualify for Chapter 13. However, it will be better if you could contact a bankruptcy attorney and discuss your case with him. He will help you know which chapter of bankruptcy filing will be best suited for you.
Thanks
