chapter 13 bankruptcy
A chapter 13 bankruptcy is repayment or reorganization of debt. It is also called a wage earner’s plan because it required income to afford the repayment of debt. It is most often used when a filer does not qualify for Chapter 7 due to high income or a prior case filing or needs to reorganize on a house, car, or taxes. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under Chapter
Chapter 13 allows a “wage earner” or working individual to set up a court-supervised plan to repay debt. Most commonly used to halt a foreclosure and repay missed mortgage payments while also restructuring other debt, Chapter 13 is a powerful tool in helping financially distressed individual keep their home and recover from financial setbacks. The Chapter 13 plan also has the ability to extend the time of repayment of debt and is general structured over a three to five year period.
Do you think you might need a Chapter 13? Call and speak for free to one of our Chapter 13 attorneys or schedule a free consultation. We can work out a plan for you to save your property and rebuild your future.