Bankruptcy laws have been written and revised over and over again over the years. There is an extensive list of federal bankruptcy laws as well as state-specific bankruptcy laws that has a bearing on every bankruptcy case in the country. But just like with any other law, there is openness to interpretation and that generally applies to the bankruptcy court and judge presiding over the case.
Chapter 13 bankruptcy courts deal with that type of bankruptcy which is also known as the “wage earner’s bankruptcy.” It is called that because in order to qualify for it you have to have enough income since you will be repaying certain debts under a restructured repayment plan. At the end of a three to five year period all your dischargeable debts are legally absolved.
The Court and Your Chapter 13 Bankruptcy Case
Being represented by a licensed and competent bankruptcy attorney is absolutely essential in dealing with the Chapter 13 bankruptcy court. He or she will be able to adequately represent you for the trustee as well as the judge because the court will ultimately decide the details of your bankruptcy including which of your debts become discharged.
Filing a successful Chapter 13 bankruptcy is all about filing the necessary paperwork accurately and on time. If this does not happen then your case could be dismissed and it could be years before you’re eligible to re-file which could be disastrous for your financial state. Be sure to ask your lawyer the following:
• Which of your debts are dischargeable
• Whether or not the recently passed “Cram-Down” Bill affects your case
• What you can keep after the bankruptcy per your state’s laws
• How long your Chapter 13 bankruptcy may last
Your lawyer is not a judge but he or she should be able to give you a good idea of how your bankruptcy case will play out considering your region’s history pertaining bankruptcy laws. So talk to a local bankruptcy attorney today.
