Chapter 13 bankruptcy in Cincinnati is one among the more commonly used chapters of bankruptcy, after Chapter 7. Chapter 13 doesn’t contain liquidation like Chapter 7. Normally a debtor of Chapter 13 is allowed to keep his property, whether it is discharged or not, as long as the plan of Chapter abides with the law. Chapter 13 is more expensive compared to Chapter 7 when it comes of fees of attorneys, since the procedure is very difficult. Time Obligation Compared to Chapter 13, Chapter 7 is a brief procedure, which always lasts for few months. Chapter 13 will last for three to five years. This lengthy duration is because of the fact that Chapter 13 includes monthly payments to the trustee of Chapter 13 for the duration of the plan. The duration will differ from three to five years, based on whether your income is normally below or above the average income of the state where you live. Plan of Payment The payment plan of Chapter 13 depends on how it works. Chapter 13 bankruptcy in Cincinnatiis an attempt to organize a debt of an individual once again by paying some creditors gradually. The income of the debtor is evaluated by the means test, which decides the extra income of the debtor. The additional income will be utilized to make monthly payments. Based on the calculation of means test, there may not be any allocation to creditors who are not secured, such as medical bills and credit card companies. But the plan of Chapter 13 should always pay claims on priority, such as responsibilities of domestic support, tax debt and child support. Requirements of Plan The Chapter 13 bankruptcy in Cincinnati should meet different tests to be approved or confirmed by the court of bankruptcy. First of all, the plan...