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Chapter 13

Understanding Your Options

Chapter 13 bankruptcy is much like Chapter 7 but you are not forced to liquidate all your assets.

Many of the same reasons a Chapter 7 may be appropriate also apply to Chapter 13, including the chance to get credit card debt and debt collectors off your back, But it can also be good for folks facing foreclosure or some other legal suit.

Chapter 13 requires a debt repayment plan like a Chapter 11 that must be submitted to the bankruptcy court. It describes how you intend to pay off your debts, over a 3-5 year period. You may get to pay off that debt for as little as 10 cents on the dollar.

The goal with Chapter 13 Bankruptcy is to give you a fresh start. And if you have a strong desire to pay off your debts but, due to a loss of job, disability, or other personal crisis, can no longer afford to make regular monthly payments. You need relief from high interest rates, late fees and the penalties that keep piling up each month and you never seem to be able to catch up.

Chapter 13 is much simpler than Chapter 11 and follows a similar process to Chapter 7. The difference is, you’ll need to have a clear plan for paying off the debt in 3-5 years and you must prove that you cannot pay the actual debt amount. Creditors will need some proof if they are going to take only a small percentage of what is actually owed to them.

If you meet the agreed upon repayment schedule, then you will receive a discharge which means creditors can no longer seek payment there after. You have been released.

We are empathetic, respond quickly, and act towards fast resolution.