Chapter 13 is sometimes referred to as “personal reorganization” bankruptcy, filing under chapter 13 involves making payments of all or some of your debts to creditors over over a fixed timeperiod. A usual chapter 13 plan last from 3 to 5 years, and allows you to keep all or most of your property. A chapter 13 may be required if you are dealing with any of the following issues:
- Mortgage arrears
- Car payment delinquencies
- Past due child support
- Past due spousal support
- Taxes collection
- Criminal fines
- Embezzlement or fraud
- Civil Judgment for intentional conduct (i.e. assault)
- Reducing interest or payments to an affordable level
- Want to keep valuable assets
Depending on your income and the value of your property you may be required to pay towards some or all of your unsecured debts. However, at the completionof your Chapter 13 plan, most unsecured debts will be discharged.
If you are considering filing Chapter 13 bankruptcy, please contact our office for a no obligation 30 minute initial legal consultation with an attorney. Learn about the filing process, fees, paperwork and forms to be filled out, creditor's meetings, discharge and more.