Chapter 13 Bankruptcy : What It Is and How It Will Help You

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Chapter 13 Bankruptcy

Individuals who are unable to file for chapter 7 bankruptcy often opt for chapter 13. Under a chapter 13 filing you will be required to repay all or a portion of your debts. The courts will work with you and your court-appointed trustee to determine what type of payment plan you can reasonably agree to.

They will usually require you to make set monthly payment over a specified period of time, with a maximum of 5 years. During this time you are allowed to keep your property and the balance of your debt is discharged after you complete the agreed-upon payment plans.

While your creditors have the legal right to file an objection to your bankruptcy case, most will not do so unless they feel you fraudulently created your debt with the intent of filing for bankruptcy to rid yourself of it later on. In terms of chapter 13 bankruptcy, your creditors will have to accept whatever payment plan mandated by the court.

Chapter 7 and chapter 13 bankruptcy filings both require a lot of time and paperwork but the end result is almost always worth the effort. Contact a bankruptcy attorney for assistance with the paperwork and filing procedures and you’ll be on your way to financial freedom in no time flat.