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Summary
Summary
When you file for Chapter 13 bankruptcy, you can wipe out some of your debt and pay off the rest over time with a repayment plan approved by the bankruptcy court. You may be able to:
avoid foreclosure
stop car repossession
reduce car loan debt
stop most debt collectors, and
remove junior liens from your home
Here, you'll find clear explanations of the Chapter 13 process and worksheets to help you:
consider alternatives to bankruptcy
decide if Chapter 13 is your best option
determine if you qualify for Chapter 13
estimate your monthly plan repayment
find and work effectively with an excellent lawyer, and
rebuild your credit after bankruptcy
This revised edition includes all the latest changes in bankruptcy law, including updated 50-state exemption tables, and important U.S. Supreme Court decisions.
If you are considering or have decided to file Chapter 13 bankruptcy, Nolo's Chapter 13 Bankruptcy is the essential guide you need to understand the procedures and law.
Please note: This book does not cover business bankruptcies, farm reorganizations, or Chapter 7 personal bankruptcy. For Chapter 7 bankruptcy, see Nolo's How to File for Chapter 7 Bankruptcy.
Author Notes
Stephen Elias, the original author of Chapter 13 Bankruptcy, was an acclaimed bankruptcy lawyer, and the author of The New Bankruptcy, How to File for Chapter 7 Bankruptcy and several other Nolo books.
Patricia Dzikowski has been practicing bankruptcy law in Florida for 30 years.
Table of Contents
Part I Is Chapter 13 Right for You? | |
1 How Chapter 13 Works | p. 3 |
An Overview of Chapter 13 Bankruptcy | p. 5 |
Which Debts Are Discharged in Chapter 13 Bankruptcy | p. 13 |
Chapter 13 Bankruptcy and Foreclosure | p. 14 |
Special Chapter 13 Features: Cramdowns and Lien Stripping | p. 17 |
Is Chapter 13 Right for You? | p. 21 |
Alternatives to Bankruptcy | p. 24 |
2 The Automatic Stay | p. 29 |
How the Automatic Stay Works | p. 30 |
How Long the Stay Lasts | p. 30 |
How the Stay Affects Common Collection Actions | p. 31 |
How the Stay Affects Actions Against Codebtors | p. 34 |
When the Stay Doesn't Apply | p. 35 |
Evictions | p. 37 |
3 Are You Eligible to Use Chapter 13? | p. 41 |
Prior Bankruptcy Discharges May Preclude a Chapter 13 Discharge | p. 42 |
Business Entities Can't File for Chapter 13 Bankruptcy | p. 42 |
Your Debts May Not Exceed Certain Limits | p. 42 |
You Must Be (and Stay) Current on Your Income Tax Filings | p. 44 |
You Must Keep Making Your Child Support and Alimony Payments | p. 44 |
You May Have to File Annual Income and Expense Reports | p. 45 |
Your Proposed Repayment Plan Must Pay All Required Debts | p. 45 |
Your Unsecured Creditors Must Get at Least as Much as They Would | |
Have Received in a Chapter 7 Bankruptcy | p. 47 |
You Must Participate in an Approved Personal Financial Management Course | p. 48 |
4 Do You Have to Use Chapter 13? | p. 49 |
What Is the Means Test? | p. 50 |
The Means Test | p. 52 |
Classifying Your Debts | p. 66 |
Forced Conversion to Chapter 13 | p. 70 |
5 Can You Propose a Plan the Judge Will Approve? | p. 71 |
Repayment Plan Calculations: An Overview | p. 73 |
If Your Current Monthly Income Is Less Than Your State's Median Income | p. 74 |
If Your Current Monthly Income Is More Than Your State's Median Income | p. 85 |
Understanding Property Exemptions | p. 90 |
6 Making the Decision | p. 99 |
Part II Filing for Chapter 13 Bankruptcy | |
7 Complete Your Bankruptcy Forms | p. 113 |
Required Forms, Fees, and Where to File | p. 115 |
For Married Filers | p. 117 |
Form 101-Voluntary Petition for Individuals Filing For Bankruptcy | p. 119 |
Forms 101A and 101B: Forms Relating to Eviction Judgments | p. 120 |
Forms 106A/B-J-Schedules | p. 120 |
Form 106Sum-A Summary of Your Assets and Liabilities and Certain Statistical Information | p. 133 |
Form 106Dec-Declaration About an Individual Debtor's Schedules | p. 133 |
Form 107-Your Statement of Financial Affairs for Individuals Filing for Bankruptcy | p. 133 |
Form 121-Your Statement About Your Social Security Numbers | p. 135 |
Forms 122C-1 and 122C-2: Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period and Chapter 13 Calculation of Your Disposable Income | p. 135 |
Form 2030: Disclosure of Compensation of Attorney for Debtor | p. 136 |
Mailing Matrix | p. 136 |
Income Deduction Order | p. 136 |
8 The Chapter 13 Plan | p. 137 |
What You Must Pay | p. 139 |
Repayment of Unsecured Debts: Allowed Claims | p. 142 |
The Parts of Your Plan | p. 144 |
Sample Plan | p. 147 |
9 Filing the Bankruptcy Case | p. 155 |
File Documents in Addition to the Bankruptcy Forms | p. 156 |
Paying the Filing Fee in Installments | p. 159 |
Electronic Filing | p. 159 |
Emergency Filing | p. 159 |
After You File | p. 159 |
10 Handling Routine Matters After You File | p. 161 |
The Automatic Stay | p. 162 |
Dealing With the Trustee | p. 162 |
Make Your First Payment | p. 164 |
If You Operate a Business | p. 165 |
The Meeting of Creditors | p. 165 |
Changing Your Plan Before the Confirmation Hearing | p. 171 |
The Confirmation Hearing | p. 172 |
Changing Your Plan After a Failed Confirmation Hearing | p. 176 |
Amending Your Bankruptcy Forms | p. 176 |
Filing a Change of Address | p. 177 |
Filing Tax Returns | p. 177 |
Filing Annual Income and Expense Statements | p. 177 |
Personal Financial Management Counseling | p. 178 |
Form 2830-Domestic Support and Homestead Exemption | p. 178 |
Part III Making Your Plan Work | |
11 Common Legal Issues | p. 181 |
Filing Motions | p. 182 |
Dealing With Creditors' Motions | p. 183 |
If an Unsecured Creditor Objects to Your Plan | p. 186 |
Handling Creditor Claims | p. 190 |
Asking the Court to Eliminate Liens | p. 192 |
12 Carrying Out Your Plan | p. 197 |
Your Income Increases | p. 198 |
Selling Property | p. 199 |
Modifying Your Plan When Problems Come Up | p. 199 |
Attempts to Revoke Your Confirmation | p. 203 |
When You Complete Your Plan | p. 203 |
13 If You Cannot Complete Your Plan | p. 207 |
Dismiss Your Case | p. 208 |
Convert Your Case to Chapter 7 Bankruptcy | p. 209 |
Seek a Hardship Discharge | p. 210 |
14 Life After Bankruptcy | p. 213 |
Rebuilding Your Credit | p. 214 |
Attempts to Collect Clearly Discharged Debts | p. 221 |
Postbankruptcy Discrimination | p. 222 |
Attempts to Revoke Your Discharge | p. 223 |
Part IV Help Beyond the Book | |
15 Hiring and Working With a Lawyer | p. 227 |
What Does Legal Representation Mean? | p. 228 |
How to Find a Bankruptcy Lawyer | p. 229 |
What to Look for in a Lawyer | p. 230 |
Paying Your Lawyer | p. 232 |
Working With Your Lawyer | p. 234 |
16 Legal Research | p. 235 |
Sources of Bankruptcy Law | p. 236 |
Bankruptcy Background Materials: Overviews, Encyclopedias, and Treatises | p. 237 |
Finding Federal Bankruptcy Statutes | p. 240 |
Finding the Federal Rules of Bankruptcy Procedure (FRBP) | p. 240 |
Finding Local Court Rules | p. 241 |
Finding Federal Court Bankruptcy Cases | p. 241 |
State Statutes | p. 242 |
State Court Cases | p. 243 |
Other Helpful Resources | p. 244 |
Glossary | p. 245 |
Appendixes | |
A Federal and State Exemption Tables | p. 267 |
Doubling | p. 269 |
Wage Garnishment Laws and Exemptions in Bankruptcy | p. 269 |
Retirement Accounts | p. 270 |
Confirm the Exemptions Before Relying on Them | p. 270 |
B Chart and Sample Forms | p. 341 |
Median Family Income Chart | p. 343 |
Schedule J: Your Expenses | p. 345 |
Form 122A-1: Chapter 7 Statement of Your Current Monthly Income | p. 349 |
Form 122A-2: Chapter 7 Means Test Calculation | p. 351 |
Form 722A-1Supp: Statement of Exemption from Presumption of Abuse Under § 707(b)(2) | p. 361 |
Form 122C-1: Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period | p. 363 |
Form 122C-2: Chapter 13 Calculation of Your Disposable Income | p. 367 |
Index | p. 375 |