TAILIEUCHUNG - Gale Encyclopedia Of American Law 3Rd Edition Volume 10 P30

Gale Encyclopedia of American Law Volume 10 P30 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 278 WAGE EARNER S PLAN money can be considered an unlawful assignment of wages. WAGE EARNER S PLAN An arrangement under federal bankruptcy law whereby an individual retains his or her property and pays off a debt over a period of time as determined by a court and subject to supervision by the court. Under Chapter Thirteen of the federal bankruptcy statutes 11 . 1301 et seq. individuals who are unable to repay their debts when due may develop a plan for full or partial repayment of their creditors. This procedure is called a wage earner s plan because it originally was available only to persons who earned a regular wage. Changes in the law now permit the owners of unincorporated small businesses to participate in this procedure. As a result this arrangement can also be called a Chapter Thirteen proceeding or rehabilitation. A rehabilitation process enables the debtor to regain good credit and financial standing. To qualify an individual must have unsecured debts those not backed by collateral to guarantee their repayment of less than 100 000 and secured debts backed by collateral of less than 350 000. A debtor files a Chapter Thirteen petition listing all of his or her debts. Upon the filing the debtor s creditors must suspend their efforts to collect or enforce their claims pending the outcome of the proceeding. The debtor has the exclusive right to propose a plan for repayment to the bankruptcy court. No matter how many creditors may exist they cannot force a plan upon the debtor. A Chapter Thirteen petition might include a repayment plan that lasts five years and lists wage earnings and the sale of a portion of the debtor s property as sources for the repayment. The plan which is overseen by a bankruptcy trustee must treat equally all creditors who have comparable claims. The repayment plan may entail paying off only a portion of each debt which is called a composition receiving extra time to pay the debts called an extension or both. All repayment plans .

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