Chapter 13 Bankruptcy Attorney
This is a personal reorganization, restructuring or repayment plan. You must be in this repayment plan for a minimum of 3 years and a maximum of 5 years. The plan payments are made through a wage garnishment to the Chapter 13 Trustee, who then distributes the money to the creditors in accordance with a Chapter 13 plan. Chapter 13 relief is typically utilized when you do not qualify for Chapter 7 relief because you make too much money; have the ability to pay creditors; have received a discharge within the last 8 years and are ineligible for Chapter 7 relief; have substantial debt that cannot be discharged in a Chapter 7; are trying to protect an asset with equity; are trying to protect a home from foreclosure; or are ineligible for Chapter 7 relief for some other reason. You pay as much as you can afford, but the minimum payment may be affected by several factors, such as property you want to keep or nondischargeable debt. For some people, this is the ideal way to take control of your debt. For find out more about Chapter 13 relief and how it may work for you, contact Chapter 13 Bankruptcy Attorney today for a free consultation.
Learn about Chapter 7.