What is Chapter 13 Bankruptcy?
In Chapter 13 Bankruptcy relief, as the debtor, you retain ownership and possession of all of your assets, but must devote some portion of your future income to repaying creditors. This generally lasts for a period lasting from three to five years. There are many factors influencing the period of repayment. These include the value of your property, the amount of your income and monthly expenses.
Why Should I consider a Chapter 13?
The advantage of Chapter 13 bankruptcy over Chapter 7 is that the debtor can keep all of his/her property, but the court establishes an interest free repayment plan. The repayment plan tends to be in effect within 30 - 45 days after the case has started.
Do I qualify for Chapter 13 Bankruptcy?
Ultimately whether or not you qualify for Chapter 13 will be advised by your attorney. In order to be considered for filing Chapter 13 bankruptcy you must have a steady job.
Steps for filing a Chapter 13 Bankruptcy
- Our attorneys walk you through the process, but in order for you to know what you're getting into here's the general process of filing a Chapter 13 bankruptcy.
- First off you must contact our Law Firm to schedule a FREE initial consultation.
- During that consultation our attorney will sit down with your paperwork to determine whether you qualify for a Chapter 13.