A Washington State Chapter 13 bankruptcy is type of "payment plan" bankruptcy. If you qualify for and file a Chapter 13 bankruptcy, you are required to make monthly payments to a trustee for a period of 36 to 60 months. The length of your plan depends on several variables. If utilized and crafted properly, a Chapter 13 should enable you to catch up on your unsecured debt through a no-interest consumer debt repayment plan.
The primary goal of a Chapter 13 bankruptcy is to consolidate your debts and set up a manageable monthly payment. The plan is developed by undertaking an in-depth analysis of your current income, your current monthly expenditures, and your current debts. Chapter 13 bankruptcies are also often referred to as a "debt consolidation", or the "wage earners plan".
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A Formalized Chapter 13 Repayment Plan May be the Best Route Forward
Many of our clients first attempt to negotiate an informal payment plan with credit card companies and their other creditors. They work hard to try and pay their bills. When creditors, however, fail to meet them on any middle ground, it is extremely frustrating. These companies only care about one thing: squeezing as much blood as possible out of you and your family. If you have hit this wall, a formalized payment plan established through a Washington Chapter 13 bankruptcy may be your best solution.
The first payment is due 30 days from the date your initial petition is presented to the bankruptcy court. In general, a person filing for a Chapter 13 frequently has at least some assets of significant value and a relatively high monthly income. In order to find out if you qualify for a Chapter 13, it is important to talk with an experienced Washington bankruptcy lawyer.
A Washington Chapter 13 bankruptcy is often referred to as a "debt restructuring" bankruptcy, and is often the best option for rebuilding credit and discharging debt for individuals who have an income that is too high to enable them to qualify for a Washington Chapter 7 bankruptcy.
The 2005 changes to the U.S. Bankruptcy Code now require that a means test be utilized in order to determine if a person is eligible to eliminate their debts under Chapter 7, or whether they will be required to restructure and pay back some their debts by filing for a Chapter 13 bankruptcy. In certain instances, a Chapter 13 bankruptcy may also be an appropriate option for people who have previously filed a Chapter 7 bankruptcy within the last 8 years and who, therefore, cannot qualify for another Chapter 7 right now.
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