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Filing for bankruptcy can be a godsend for those drowning in debt. For those individuals who make a steady income but are still overwhelmed by debt, Chapter 13 bankruptcy may provide financial relief.

Chapter 13 bankruptcy, also known as a wage earners plan, reorganizes a filer’s debts in a way that makes payments manageable. A Chapter 13 repayment plan lasts three to five years, at the end of which the remaining balance on eligible debts are eliminated if a filer made payments in full and on time. This type of bankruptcy can provide several benefits to eligible individuals.

The Benefits of Chapter 13 Bankruptcy

One of the biggest benefits of Chapter 13 bankruptcy is that it often allows filers to avoid foreclosure of their family homes or repossession of their vehicles. Chapter 13 bankruptcy places an automatic stay on the collection of a filer’s debts, including the foreclosure process. During bankruptcy proceedings, filers are able to negotiate mortgage payments into their repayment plan.

Repayment plans under Chapter 13 bankruptcy make payments easy and uncomplicated for filers. Debts are consolidated and the filer sends one payment to their Chapter 13 trustee, who then distributes payments to the filer’s creditors. This helps keep things streamlined and stress-free for filers.

Chapter 13 Eligibility Requirements

To be eligible for Chapter 13 bankruptcy, filers must have a steady income and be under maximum secured and unsecured debt requirements. Secured debt is debt backed by collateral, like a mortgage or car loan, while unsecured debt is backed by a filer’s promise to pay, like credit card debt and other consumer loans. Filers must have less than $1,081,400 in secured debts and $360,475 in unsecured debt to qualify for Chapter 13 bankruptcy.

Additionally, all Chapter 13 filers must have completed credit counseling within 180 days of filing.

How Chapter 13 Bankruptcy Works

The Chapter 13 bankruptcy process begins when a filer submits a petition to his or her local bankruptcy court. In addition to the petition, filers must include schedules of their assets, liabilities, income and expenditures; contracts and unexpired leases; a statement of financial affairs; proof of credit counseling participation; tax return and a list of creditors. There is a mandatory $235 filing fee and an administrative fee of $45.

Once a petition is filed, an automatic stay is applied to all of the filer’s debts, which prohibits creditors from pursuing collection from the filer until bankruptcy proceedings are complete. A bankruptcy trustee is assigned to the case whose job is to evaluate the petition, mediate negotiations between the court, the filer and creditors and distribute payments to creditors once a repayment plan is underway.

One to two months after filing, filers meet with their trustee and creditors to review the proposed repayment plan and resolve issues. The filer will elaborate on his or her financial situation and the plan will be approved at this time.

Once a plan is in place, the filer will make payments to the trustee, who will distribute payments to creditors. After a few years of successful payments, the rest of the filer’s eligible debts are discharged and the bankruptcy process is complete.

Chapter 13 can be a solution for income-earning individuals with burdensome debts. To find out if you are eligible for Chapter 13 bankruptcy, contact an experienced bankruptcy attorney.

Article provided by Luther J. Mills Law Office
Visit us at http://www.luthermillslawoffice.com/

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Amongst the many things being planned for weddings an important selection to be made is for the gifts and wedding favor boxes. Different families and cultures have their exclusive traditions and they choose the wedding favor boxe accordingly. Ancient European weddings started this practice by giving out sugar cubes in porcelain or crystal boxes decorated with precious stones. After the prices went down sugar was replaced with five white sugared Jordanian almonds.

Most of the couples that plan weddings on their own end up choosing their gifts and wedding favor boxes from websites. Many websites and online stores have an assortment of gifts and packages that can be purchased in a good budget. A lot of these online stores have a higher range gift items as well for those people who are like to showcase wealth through these gifts. Wedding favor boxes can be found with gorgeous packing and colorful ribbons. Many couples choose to go for solid colors with contrasting ribbons. Like red, black, white, green, pink, silver, gold, blue, purple; all these can be tied with silver and gold ribbons or even multicolored.

Specific themes and patterns can also be bought through these online stores. For example many people go for striped designs. These can be horizontal or vertically striped designs. Other designs are available as well such as polka dots in different colors, abstract designs, floral patterns and even leaves. Wedding favor boxes with specific designs and colors can also be customized according to the theme of the wedding. Creative designers have come up with various artistic options that can be customized or bought as is. Some creative shapes of wedding favor boxes are baseball bats, mittens, three-tier cake, tuxedos, butterflies, flowers, little dolls and also hockey.

These wedding favor boxes can have different kinds of gifts. Simple and elegant gift choices include tablemats, tea coasters, mints, candies, bottler openers, scented candles, salt and pepper shakers in beautiful shapes. Expensive and exclusive gift items can be liquor chocolates, small manicure set and many different kinds of crystal decoration pieces. A lot of couples like to follow the ancient tradition of spreading sweets so they include Jordanian almonds that are white in color and sugared. In some cultures an assortment of dry fruits is included in colorful cloth pouches, which are given out after the wedding ceremony.

In Asian countries wedding favor boxes are packed and created by the families on their own and they are considered to be part of the festivities. Young girls of the family get together to make pouches out of fancy cloth and they add an assortment of dry fruits sugared and salted. Some families also include bangles and jewelry as part of the gifts in the wedding favor boxes. These pouches also have nametags so that it can be a lot more personalized. Wedding favor boxes in other countries can also include a personal message along with initials of the bride and groom. These printed boxes create a bigger impact for the guests and are more memorable.

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