how to file for a wage earner s plan
in order to file for chapter 13 bankruptcy the debtor must first make a list of each creditor they owe money to along with the amount of money owed they must also compile a list of any property owned those filing for chapter 13 bankruptcy must also submit information about their income how much they make and where their income comes from in addition to detailed information about their monthly expenses debtors must also have completed credit counseling before becoming eligible 1 example of a wage earner s planeric and sam are a married couple eric lost his job in a round of layoffs and his husband sam was injured at his job leaving him unable to work in the same year they fell behind on their mortgage payments and eventually ended up owing 75 000 to their bank soon after the bank initiated foreclosure proceedings eric received a job offer and sam launched a small business from their home by filing for a chapter 13 bankruptcy they were able to stop the foreclosure proceedings and keep their home as a result of their now steady income stream eric and sam can pay their mortgage each month going forward the back payments they owe on their mortgage are due over a five year period with manageable payments spread out over that time 