February 18, 2020

Chapter 13 Bankruptcy

BankruptcyChapter 13 bankruptcy, commonly known as the “wage-earner’s bankruptcy,” allows an individual to restructure debt and make reasonable monthly payments toward that debt over 3-5 years.

Chapter 13 bankruptcy is more complex than chapter 7 bankruptcy, and can accomplish different objectives.  For example, a chapter 13 provides a means to stop a foreclosure and to pay down mortgage arrears over 5 years, allows a debtor to pay down tax liabilities while stopping penalities and interest, and allows a debtor to retain valuable property that may otherwise be liquidated in a chapter 7 bankruptcy.

Chapter 13 bankruptcy is also available for individuals who do no qualify for a chapter 7 bankruptcy based on prior bankruptcy filings or high household income.

Chapter 13 may also  allow debtors to modify certain secured debt, and change the terms or repayment on that secured debt during the pendancy of their chapter 13 plan.

Pursuant to 11 U.S. Code § 528: "I am a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code."

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