The Chapter 13 Bankruptcy Breakdown

Chapter 13 bankruptcy generally offers the broadest, most sweeping protections for you and your property. 

Chapter 13 works with the courts to consolidate, order and, in some cases, reduce your debts.  Then, instead of juggling your bills and creditors, you will make one monthly payment to your court-appointed trustee who in turn deals with your creditors. As with Chapter 7, you will pay little or no money to your unsecured creditors such as credit cards, medical debt, and personal loans. 

This process can put a stop to foreclosure, repossession, lawsuits and creditor harassment.  For the duration of your repayment plan, typically 3-5 years, you'll have the breathing room and protection that allow you to eliminate your debt.

Chapter 13 may be a good option for those who:

• Have debt that is the result of a temporary financial setback, like a job loss, injury or illness.
• Own multiple property - such as houses, land, cars, professional equipment - that they want to entirely protect.
• Have steady, regular income with which to make payments to their trustee.
• Have personal or business tax debt being repaid under preferable terms, including discharge of penalties and treatment of tax liens.
• Own a business which is insolvent or suffering from heavy debt loads.
• Have a devalued house with a second mortgage or credit line which is weighing you down. 

If you are ready to start moving towards debt elimination with Chapter 13 bankruptcy, speak with our office for  more information on Chapter 13 bankruptcy.

• Chapter 13 Bankruptcy Basics An overview of Chapter 13 bankruptcy and how it works.
• How Chapter 13 Bankruptcy Can Stop Foreclosure Chapter 13 bankruptcy can stop foreclosure proceedings, and help you keep your home. Learn how.
• Chapter 13 Bankruptcy Timeline Step-by-step account of what happens when filing Chapter 13 bankruptcy.
• Chapter 13 Fees - Fees vary from state-to-state, but you can get a general idea of the costs associated with filing bankruptcy.