What Is Chapter 13?
What's It Mean?
A Fresh Start...Through an Affordable Payment Plan.
Congress created a legal way to start over by paying off overwhelming bills with easier payments.
You can Makes Affordable Payments Based on Future Disposable Income to Pay Off Creditors
Applies to people with Regular Income Who Can Afford to Pay at Least a Nominal Monthly Amount to Their Creditors
Your payment is based on what you can afford to pay, NOT HOW MUCH DEBT YOU HAVE!
Payment Plans End In Only 3 to 5 Years
Entire Process Carried Out Under Supervision of Courts - Your Interests are Safeguard by Your Lawyer
Chapter 13: Allows debtor opportunity to repay some or all their debt under better terms.
Frequently Asked Questions
How does Chapter 13 Bankruptcy work?
- You Can Keep All of Your Property
- Court Approves New, Interest-Free Plan for Repayment
- Written Plan Created Giving Details of All Transactions & Duration
- Repayment Must Begin Within 30 Days After Case Filed
- Creditors Must Strictly Adhere to the Approved Payment Plan - Creditors Cannot Collect Any Claims From Debtor Outside of the Court-approved Payment Plan
- Lawyer Prepares New, Affordable Repayment Plan Suited to Your Unique Financial Situation
What are the advantages of Chapter 13 over Chapter 7 Bankruptcy?
- Broader Discharge
- Modify Some Secured Debts and Still Keep the Property
- The Court Can Approve a Repayment Plan Even if Creditors Disagree
- You Can Remove a Second Mortgage or Home Equity Line from Your Home
- You Can Get Current on Mortgage or Car Payments You Are Behind On
Who can file for Chapter 13 Bankruptcy?
- Individual With Regular Income
- Meet Other Criteria - Peter and Jeri Will Explain This
How can I file for Chapter 13 Bankruptcy?
- Determine that Chapter 13 Is Best Solution - Need Help, Contact Us.
- Prepare Budget
- Evaluate Your Unique Case - Determine If It Requires Filing Chapter 13 or If It Can Be Managed Some Other Way
- Determine & Implement Methods To Deal With Secured Creditors
- Devise Chapter 13 Plan - Fill Out Forms
- Pay Filing Fee (Only $274.00) - Complete Process of Filing Forms & Pleadings
- Attend Meetings You Are Required To Attend - Creditors, Court Hearings, Etc.
- Obtain Discharge Once All Payments Have Been Made - Terminate Plan