Chapter 13 Bankruptcy FAQ's
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At Sadek Bankruptcy Law Offices, we realize that every situation is different. Our debt relief lawyers will take the time to learn about your situation and your goals. Our objective is to explain your legal options and offer the best debt relief strategy for you in the most compassionate and friendly manner possible. Call 24/7 to schedule your meeting with a lawyer.
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In addition to our primary law office in Center City, Philadelphia, we also have law offices throughout the Greater Philadelphia, Pennsylvania Area and in New Jersey. Our branch offices have contributed to making us the #1 Bankruptcy Filer and debt relief firm in the Greater Philadelphia area. Our goal is to have a convenient location within 20 minutes of where our clients work or reside.
What Is The Difference Between Chapter 13 and Chapter 7 Bankruptcy?
Chapter 13 bankruptcy allows individuals to pay their debts through a structured repayment plan that establishes terms and conditions by which debtors will make monthly payments to creditors for the next three to five years, so they can keep their assets.
In comparison, Chapter 7, or liquidation bankruptcy, is an immediate discharge of unsecured debts. Those with limited income can pay off their debts and reset their finances by giving up some of their possessions.
Can I Get a Mortgage During Chapter 13 Bankruptcy?
Yes, you can, provided that the trustee approves of your new debt obligation. Furthermore, most lenders require evidence of on-time payments for at least 12 months.
You may also need to issue a substantial down payment of at least 20% to be qualified. Having a robust emergency fund savings plan incorporated into your bankruptcy budget can also help increase your chances of obtaining a loan.
Can I Buy a Car During Chapter 13?
During Chapter 13, you can buy a car, but it is a multi-step process. Preparing a down payment can help reduce interest rates or monthly payments on the new vehicle.
As you take on a new debt, you will need approval from the trustee. To better secure a success when presenting your case to the trustee, you will need the dealership’s financing deal that details the make, model, and year of the car, along with the loan terms.
How Are Chapter 13 Payments Determined in a Philadelphia Bankruptcy Case?
When creating a Chapter 13 repayment plan, the first thing to discuss with an attorney is your income, as this will influence the amount of monthly payments and the length of your plan.
Other factors that impact the scope and duration of the plan include assets, the nature of each debt, retirement loans, changes in employment status, administrative expenses, and whether any of your creditors object to the plan.
What Should I Know About Obtaining Assets After Filing Chapter 13 Bankruptcy?
You should disclose to your bankruptcy attorney if you are facing other lawsuits while dealing with bankruptcy so that he or she can take steps toward protecting your future assets.
Notify your attorney in writing if you receive new assets during the Chapter 13 bankruptcy process. As courts want to ensure your current debts are paid off before you spend any windfalls, talk to your attorney first before spending any money to avoid jeopardizing your discharge.
