What property can one keep if one files a Chapter 13 Bankruptcy?
In general, you can keep all of your property in a Chapter 13 Bankruptcy.
How much do creditors receive in a Chapter 13 Bankruptcy Plan?
- The debtor must devote all of his/her available income, after paying normal expenses, to the plan for at least 36 months.
- The creditors must receive at least as much money in Chapter 13 bankruptcy as they would have received in a Chapter 7 bankruptcy.
- Secured creditors are either brought current or paid off during the bankruptcy plan, or the collateral is given to the creditor.
- Priority claims such as most taxes and back child support must be paid in full.