Chapter 13 Law – What You Need to Know About a Hardship Discharge
Chapter 13 Law – What You Need to Know About a Hardship Discharge
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Home Page > Law > Bankruptcy > Chapter 13 Law – What You Need to Know About a Hardship Discharge
Chapter 13 Law – What You Need to Know About a Hardship Discharge
Posted: Feb 07, 2011 |Comments: 0
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Bankruptcy Law demands an individual applying for a chapter 13 bankruptcy file an acceptable payment plan. The payment plan outlines how the money the borrower receives will be used to pay the creditors included in the bankruptcy. Once the payment plan is accepted by the court it will bind the debtor and each creditor affected by it. Usually, a discharge will not be granted until all the payments scheduled under the payment plan have been paid in full. However, under some situations a chapter 13 discharge may be granted without the debtor making all the scheduled payments. This manner of discharge is usually referred to as a hardship discharge. A hardship discharge may create different consequences for the borrower than a traditional discharge. Therefore, a borrower who is having a challenging time making the scheduled payments of the chapter 13 payment plan should communicate with a Tampa bankruptcy attorney for help. The Tampa bankruptcy lawyer can help clarify if the debtor is eligible for a hardship discharge and advise his client of the possible consequences that could result from the discharge.
Bankruptcy law imposes three requirements on a borrower applying for a hardship discharge. First, the debtor’s failure to complete the payment plan must be due to circumstances beyond the debtor’s control and through no fault of the debtor. Secondly, the bankruptcy law requires that the creditors have already received at least as much as they would have received if the applicant filed for a chapter 7 bankruptcy instead. Lastly, a change of the payment plan must not be a potential remedy for the debtor. Injury or illness that prevents employment adequate to fund even a modified plan may serve as the basis for a hardship discharge.
A hardship discharge is more limited than a traditional chapter 13 bankruptcy discharge. For instance, if a debt incorporated in the bankruptcy would not be dischargeable under a chapter 7 bankruptcy then it will not be released under a chapter 13 hardship discharge. A trained Tampa bankruptcy lawyer will always inform his client on which debts would not be released prior to filing for a hardship discharge. If you are experiencing a strenuous time keeping up with a chapter 13 bankruptcy payment plan or considering filing for bankruptcy Florida Law Group can help. We can provide a free consultation with a knowledgeable Tampa bankruptcy attorney who can answer your questions and provide legal counsel.
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Florida Law Group specializes in Bankruptcy Law, Florida Divorce Law, Immigration Law, Florida DUI Law, and Florida Foreclosure Law.
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