Stephen Elias - Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time

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16th Edition

Keep Your Property & Repay Debts Over Time

Attorney Cara ONeill

SIXTEENTH EDITION JUNE 2022

Editor CARA ONEILL

Book & Cover Design SUSAN PUTNEY

Proofreading JOCELYN TRUITT

Index UNGER INDEXING

Printing SHERIDAN

ISSN 2576-716X (print)

ISSN 2576-7178 (online)

ISBN 978-1-4133-2973-5 (paperback)

ISBN 978-1-4133-2974-2 (ebook)

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Please note

Accurate, plain-English legal information can help you solve many of your own legal problems. But this text is not a substitute for personalized advice from a knowledgeable lawyer. If you want the help of a trained professionaland well always point out situations in which we think thats a good ideaconsult an attorney licensed to practice in your state.

This book wouldnt be possible without the original author, Stephen R. Elias. Steve wrote many Nolo books, including The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket and The New Bankruptcy: Will It Work for You? and he was the coauthor of How to File for Chapter 7 Bankruptcy. Steve was a practicing attorney in California, New York, and Vermont before joining Nolo in 1980. Over his long career, he was featured in such major media as The New York Times, The Wall Street Journal, Newsweek, Good Morning America, 20/20, Money magazine, and more. He has been missed since his passing in 2011.

Thanks must also go to attorneys Kathleen Michon and Patricia Dzikowski, both of whom have had a hand in significantly shaping this book over the years.

Cara ONeill is a bankruptcy attorney in Northern California and a legal editor with Nolo. She has been practicing law in California for more than 25 years. Prior to joining Nolo, she served as an administrative law judge, litigated both criminal and civil cases, and taught law courses as an adjunct professor. She earned her law degree in 1994 from the University of the Pacific, McGeorge School of Law, where she served as a law review editor and graduated a member of the Order of the Barristersan honor society recognizing excellence in courtroom advocacy. Cara authors and coauthors a number of Nolo books, including How to File for Chapter 7 Bankruptcy, The New Bankruptcy, Money Troubles, and Credit Repair.

Chances are good that youve picked up this book because your debts have become overwhelming. Maybe youre facing foreclosure on your home or repossession of your car. Or perhaps youre a high-income earner whose debts have grown beyond your ability to repay them. If so, Chapter 13 can help.

If youre like many, you might prefer to file for Chapter 7 bankruptcythe chapter individuals file most frequently. Not only is Chapter 7 over in a matter of months, but filers dont repay creditors in a repayment plan.

But, not everyone qualifies for Chapter 7. And Chapter 13 offers benefits that Chapter 7 doesntsome of which are so helpful that people who qualify for Chapter 7 sometimes choose Chapter 13 instead.

For instance, Chapter 13 allows a debtor to repay obligations over time, and often at a discount. Many filers use the Chapter 13 repayment plan to catch up on back payments so that they can keep a house, car, or other property that theyd lose otherwise. Others use it to pay off debts that arent wiped out in bankruptcy, such as back taxes or child support arrearages. These problems cant be solved using Chapter 7.

If you want to know more about how Chapter 13 works and what it can do for you, this is the book. It stops short of giving you all the forms and instructions you would need to do your own Chapter 13 bankruptcy, however. The reality is that very few people can carry out this task without attorney representation. (See Do You Need a Lawyer? below.)