Milwaukee bankruptcy offices


Chapter 13 Bankruptcy

Chapter 13 offers individual debtors an alternative to the Chapter 7 liquidation process by allowing them to repay a portion of their debts over an extended period of time. Chapter 13 is available to virtually any individual debtor who has access to regular income. This includes a debtor whose income comes from farming, pensions, welfare, or investments. Only individual debtors can use Chapter 13. Corporations, partnerships, and other artificial entities are ineligible for Chapter 13 relief.

A Chapter 13 debtor must also have income regular enough to fund a Chapter 13 plan. However, if a husband and wife file a joint Chapter 13 petition, only one of them need have regular income. A Chapter 13, like a Chapter 7, also begins with the filing of a voluntary bankruptcy petition. The filing of a Chapter 13 petition not only automatically stops creditor actions against the debtor and the debtorís property, it also stops actions against individuals whom the Chapter 13 debtor persuaded to co-sign for his or her debts.

Although there is a trustee in every Chapter 13 case, Chapter 13 differs radically from Chapter 7 in how the property of the estate is administered. The debtor remains in possession and control of that property throughout the Chapter 13 case without interference from the trustee. If the debtor is in business, the debtor can continue to operate that business during the course of the Chapter 13 case.

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