The Middlesex Massachusetts Chapter 13 Plan is a legal process designed to help individuals struggling with overwhelming debts regain control of their financial situation. It is a specific type of bankruptcy plan available to residents of Middlesex County, Massachusetts. Chapter 13 bankruptcy is also known as "reorganization" bankruptcy, and it allows individuals with a regular income to create a repayment plan to gradually pay off their debts over a period of three to five years. This plan is designed to help debtors retain their assets while making manageable payments towards their outstanding debts. In Middlesex Massachusetts, individuals filing for Chapter 13 bankruptcy must adhere to the specific guidelines set forth by the U.S. Bankruptcy Code and the local bankruptcy court. The Middlesex Massachusetts Chapter 13 Plan is created in collaboration with a bankruptcy attorney and outlines the debtor's proposed repayment schedule, the duration of the plan, and the amount to be paid to each creditor involved. One of the key benefits of a Chapter 13 Plan is the ability to prevent foreclosure on a debtor's home by providing an opportunity to catch up on missed payments through the repayment plan. Similarly, it can also help individuals avoid repossession of their vehicle or other valuable assets. It is important to note that there can be variations in Chapter 13 Plans depending on individual circumstances. Some individuals may have a specific plan tailored to addressing tax debts owed to the Internal Revenue Service (IRS) or state tax authorities. Others may have a plan that focuses on repaying priority debts, such as child support or alimony. It is essential for individuals considering Chapter 13 bankruptcy in Middlesex Massachusetts to consult with an experienced bankruptcy attorney to understand the specific options available to them and create a plan that best suits their needs. In summary, the Middlesex Massachusetts Chapter 13 Plan is a legal process that allows individuals in Middlesex County, Massachusetts, to repay their debts while retaining their assets over a period of three to five years. It offers the opportunity to prevent foreclosure, retain valuable assets, and regain financial stability. It is crucial for individuals considering Chapter 13 bankruptcy to consult with a knowledgeable attorney to understand the specific provisions and types of Chapter 13 Plans available in their jurisdiction.
Middlesex Massachusetts Chapter 13 Plan
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A hardship discharge is a discharge the court grants you before you complete all of the required payments under your Chapter 13 repayment plan.
A 100% plan is a Chapter 13 bankruptcy in which you develop a plan with your attorney and creditors to pay back your debt. It is required to pay back all secured debt and 100% of all unsecured debt.
When you complete your Chapter 13 repayment plan, you'll receive a discharge order that will wipe out the remaining balance of qualifying debt. In fact, a Chapter 13 bankruptcy discharge is even broader than a Chapter 7 discharge because it wipes out certain debts that aren't nondischargeable in Chapter 7 bankruptcy.
Court Fees Chapter 7 Bankruptcy Petition$338Chapter 11 Bankruptcy Petition$1,738Chapter 12 Bankruptcy Petition$278Chapter 13 Bankruptcy Petition$313Chapter 15 Bankruptcy Petition$1,73836 more rows
Firstly, all Chapter 13 payment plans must repay all priority claims and administrative expenses in full. These types of debts include taxes, child support, alimony, attorneys' fees and court costs.
As noted earlier, only the debtor may file a plan of reorganization during the first 120-day period after the petition is filed (or after entry of the order for relief, if an involuntary petition was filed). The court may grant extension of this exclusive period up to 18 months after the petition date.
How can I pay for filing for bankruptcy? A Chapter 7 bankruptcy filing in Massachusetts costs $299, whereas a Chapter 13 bankruptcy filing in Massachusetts costs $274.
The main advantage to pursuing a Chapter 13 bankruptcy resolution is the fact that this form of bankruptcy generally offers much more flexibility and freedom than a Chapter 7 bankruptcy resolution. Under Chapter 7, you will need to liquidate most of your assets and sell off property to pay a lump sum resolution.
If you want, any case can be 60 months, which is the maximum length allowed in Chapter 13. To qualify for a 36-month plan, the amount of gross income received in the 6 calendar months prior to filing your case must be below the median income for your household size and geographic area.
The filing fee for a Chapter 13 petition is $313.00. The court does not accept cash or personal checks. The fee may be paid by money order, certified check, or bank check payable to the Clerk, United States Bankruptcy Court.
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