Office
of the Chapter 13 Trustee - Akron Office Jerome
L Holub - Trustee
One Cascade Plaza,
Suite 2020 Akron, OH 44308
Phone (330)762-6335 • FAX
(330)762-7072
Chapter
13 - Bankruptcy
Chapter 13 debt
reorganization is a voluntary reorganization of debt
available to individuals. Chapter 13 was established
by Congress pursuant to Title 11 of the United States
Code. To qualify for Chapter 13 debt reorganization,
a person must have a steady source of income in which
to make monthly payments to the Chapter 13 Trustee.
Chapter 13 allows an individual to reorganize their
debt by devoting a minimum of three years, and a maximum
of five years, of monthly disposable income in the
repayment of their debts. The goal of Chapter 13 is
to provide the individual with a fresh financial start
but also to maximize the payment to creditors.
Top
10 Things Every Chapter 13 Petitioner Should Know:
10.
All regularly employed Chapter 13
petitioners must make payments to the Trustee by
payroll deductions. All other payments received
must be in the form of a cashier check or money
order.
9.
The plan will not work if payments are not received.
If you have an interruption in employment, please
contact the Trustee's Office to advise of your
situation. Remember: Neither the
Trustee, nor his staff, can give you legal advice!!
Contact your attorney.
8.
If your employer is required to make deductions
to the Trustee and fails to do so, it is your responsibility
to mail the payment to the P.O. Box in Cleveland
until deductions begin.
Notice:
This information is
not meant to convey legal advice to an individual
seeking
Chapter
13
bankruptcy reorganization, but is meant strictly
as an educational tool.
