Chapter 13 bankruptcy questions

Chapter 13 bankruptcy is a certain type of debt adjustment bankruptcy called bankruptcy. Essentially, chapter 13 allows you to create a plan of debt than you can handle financially. EligibilityOnly individuals are eligible for chapter 13 bankruptcy. You are eligible for chapter 13 bankruptcy, if your unsecured debts are less than $336,900 and your debts guaranteed $1,010,650.Bankruptcy PetitionYou are less than start your chapter 13 bankruptcy filing a petition in bankruptcy. The petition is basically a summary of your financial situation, including your income, a list of creditors.Plan PreparationYou, adaptation will create a plan for debt assets and liabilities. Debt adjustment plan describe pay debts you how long it takes to repay your, how you pay your and those who will pay debt will pay or only a reduced amount.Plan ApprovalThe bankruptcy judge your plan to approve debt adjustment must and judges are approved only if the plan is reasonable based on your skills and resources.Creditors BoundAs, once the judge approves your plan is a legal binding can use from your creditors, even if your creditors to approve plan document. Therefore, if the creditor, can force the release plan or reduced debt can payable of the debt.