Chapter 13 Bankruptcy
In a Chapter 13 Bankruptcy, you may reorganize your debt and pay all or part of it off over the course of three to five years. Chapter 13 may be more desirable than Chapter 7 because it allows you to bring overdue secured obligations current while permitting you to keep specific valuable assets (your house, for example) during your repayment plan of three to five years. A Chapter 13 Bankruptcy is typically referred to as a reorganization of debts and is intended for an individual with a steady income.
Unlike Chapter 7, you will not get an immediate discharge of debts. Instead, you must make all of the payments required under your specific repayment plan before your discharge can be received. A benefit of the Chapter 13 Bankruptcy is that you are protected from lawsuits, garnishments, and other creditor actions while your repayment plan is in effect.
The Law Office of Steven Benson is here for you when it comes to deciding which form of Bankruptcy is best suited to your needs.
Please feel free to Contact Us and receive your free personalized case review.