Chapter 13 of the Bankruptcy Code provides for the adjustment of debts of an individual with a regular income. Chapter 13 in Peoria allows a debtor to keep his property and pay his debts in a three-to-five year period. Filing a Chapter 13 in Peoria is appropriate for individuals who have a regular income and could just not keep up with the debts he/she owes.
Filing a Chapter 13 in Peoria allows wage-earners to develop a plan to repay all or part of their debts. Under Chapter 13 in Peoria, debtors propose a repayment plan to make installments to creditors. If the debtor’s monthly income is less than the applicable state median, then the plan will be for three years. However, if the monthly income is greater than the applicable state median, the plan will be for five years, but no more than five years.
Filing a Chapter 13 in Peoria can be more advantageous than filing a Chapter 7. Most significantly, filing a Chapter 13 in Peoria allows individuals to save their home from foreclosure. Another advantage of filing a Chapter 13 in Peoria is that it allows wage-earners to reschedule secured debts other than the mortgage for their primary residence, and extend them over the duration of the plan.
Chapter 13 in Peoria is different from Chapter 11 as Chapter 13 pertains to individuals whereas Chapter 11 pertains to businesses. The Bankruptcy Court will charge $235 case filing fee and a $46 miscellaneous administrative fee when filing a Chapter 13 in Peoria. Normally the fees must be paid to the clerk of the court upon filing, but payment in an installment basis can be determined by the courts.
Let the experts at Rafool, Bourne and Shelby PC help you in filing a Chapter 13 in Peoria today. Contact us for an obligation-free consultation.