http://www.americadebtdiet.com/chapter-13-bankruptcy/ Get Out of Debt and Into Financial Freedom Sun, 14 Feb 2010 06:59:49 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.americadebtdiet.com/chapter-13-bankruptcy/comment-page-1/#comment-22 Bankruptcy: Rarely the Right Choice Fri, 03 Aug 2007 01:51:38 +0000 http://localhost/add/chapter-13-bankruptcy/#comment-22 [...] Chapter 13 is different. Under Chapter 13, you are allowed to keep all of your assets — even if you own two $10 million homes and a pair of Honus Wagner baseball cards, you can keep your stuff. The bad news is that your debts are not discharged. Instead, you are put on a three- or five-year program, under which you will be required to make payments to a court-appointed bankruptcy trustee equal to all of your income in excess of your “basic living expenses.” Who decides your “basic living expenses” are? The IRS; not you. [...] [...] Chapter 13 is different. Under Chapter 13, you are allowed to keep all of your assets — even if you own two $10 million homes and a pair of Honus Wagner baseball cards, you can keep your stuff. The bad news is that your debts are not discharged. Instead, you are put on a three- or five-year program, under which you will be required to make payments to a court-appointed bankruptcy trustee equal to all of your income in excess of your “basic living expenses.” Who decides your “basic living expenses” are? The IRS; not you. [...]

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