The Pennsylvania Supplemental Application for Compensation and Reimbursement of Expenses (Chapter 13) is an application for those seeking financial relief through the Chapter 13 Bankruptcy process in the state of Pennsylvania. This application is available online and is to be completed by the debtor. It provides a breakdown of the debtor’s income, assets, debts, and expenses. It also allows the debtor to provide information regarding any other potential sources of income or assets that may be available to them. The Pennsylvania Supplemental Application for Compensation and Reimbursement of Expenses (Chapter 13) covers the following types of applications: 1. Payment Plan: This application is for debtors who wish to propose a plan of repayment to their creditors in order to pay off their debts in a period of 3-5 years. 2. Reorganization: This application is for debtors who wish to reorganize their debt and make payments over an extended period of time. 3. Conversion: This application is for debtors who wish to convert their Chapter 13 Bankruptcy case into a Chapter 7 Bankruptcy case. 4. Modification: This application is for debtors who wish to modify their existing plan of repayment. 5. Discharge: This application is for debtors who wish to receive a discharge of their debts.
Pennsylvania Supplemental Application For Compensation And Reimbursement of Expenses (Chapter 13)
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Also do not not incur debt, use credit, credit cards, or enter into leases while in Chapter 13 without Bankruptcy Court approval, except in the case of an emergency for the protection and preservation of life, health or property. Contact your attorney if you need to sell property or incur debt.
You don't have to give up everything when you file for bankruptcy. You can keep any property that qualifies as an exempt asset?including cash. The tricky part is that most state exemptions don't allow you to protect much cash; however, you might be able to use a wildcard exemption to cover a more significant amount.
Chapter 13 Bankruptcy Can Save You Money?Sometimes, a Lot of Money. Paying 100% of your unsecured debt through a Chapter 13 plan looks a lot different than paying 100% of the same debt directly. That's because, in a Chapter 13 plan, 100% means 100% of the balance you owe when you file.
A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains ?in possession,? has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
An increase in income will likely impact your Chapter 13 repayment plan, and you are obligated to report wage increases to your bankruptcy trustee. If you have further questions regarding filing for Chapter 13 bankruptcy, your best course of action may be to enlist the assistance of Chapter 13 bankruptcy lawyers.
Chapter 13 also allows debtors to keep bank account funds in excess of the allowable exemption amount provided the excess amounts are worked into the Chapter 13 plan and paid back over the life of the plan.