Articles Tagged with Chapter 13 plan

Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I keep my car if I file bankruptcy?”

If you’re in the midst of tough financial times, it isn’t surprising that you might have to consider alternative ways of raising money. Though you may never have thought about pawning your property before, if you have bills that need to be paid it might be one of your only options. Once the item has been pawned you might not think much about it, but a recent bankruptcy case out of Georgia indicates that might not be the end of the story, especially if you want to try and get that property back.

The United States Supreme Court has issued a decision favoring debtors who convert Chapter 13 bankruptcy proceedings into Chapter 7 actions, holding that funds collected by a bankruptcy trustee pursuant to a debtor’s Chapter 13 plan belong to the debtor at the moment the debtor converts a case to a Chapter 7 proceeding.

Change sign Charlotte Chapter 13 Lawyer Mecklenburg Bankruptcy Law FirmThe debtor, Charles Harris, filed for bankruptcy in 2010, seeking protection under Chapter 13 of the Bankruptcy Code. The bankruptcy plan established for Harris enabled him to keep his home and catch up on tardy mortgage payments over time. The “bargain” of a Chapter 13 plan, according to Scotusblog.com, is that a debtor gets to keep one’s assets, but current and future earnings must be used to pay creditors. Chapter 13 repayment plans typically last from three to five years.