You have a steady income but find yourself unable to pay off old debt, Chapter 13 bankruptcy may be your solution. Filing for Chapter 13 allows you to restructure your debt and pay a portion of the debt back over time.
Individuals with higher incomes who do not qualify for Chapter 7 or individuals who are looking to avoid foreclosure, often file for Chapter 13 bankruptcy.
Under Chapter 13, a debtor works with the bankruptcy court to create a payment plan. The payment amount is calculated using the debtor’s income and expenses. Most payment plans last approximately three to five years.
If the payment plan is successfully completed, all eligible debts will be discharged.
Benefits Of Chapter 13 Bankruptcy:
- Property and other assets typically retained
- Halt foreclosure proceedings
- Stop creditor harassment
- Discharging of remaining eligible debts upon successful completion of payment plan
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