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 nation. But just like with any other law, there is openness to interpretation and that typically applies to the bankruptcy court and judge presiding over the situation.
Chapter 13 bankruptcy courts deal with that type of bankruptcy which is also known as the "wage earner's bankruptcy." It is named that because in order to qualify for it you have to have enough salary since you'll 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 lawyer is absolutely necessary 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 essential paperwork accurately and on time. If this doesn't happen then your case might be dismissed and it could be years before you're eligible to re-file which might be disastrous for your financial state. Be sure to ask your lawyer the following:
--Which of your debts are dischargeable
--Whether or not the lately passed "Cram-Down" Bill affects your case
--What you can retain 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 positive idea of how your bankruptcy situation will play out considering your region's history involving bankruptcy laws. So talk to a local bankruptcy lawyer today.
