Daniel R. - $10,500,000.00
Chapter 13
Chapter 13 Highlights
- Commonly known as the “reorganization” bankruptcy plan.
- Instead of eliminating all your debt, the court sets up a “payment” arrangement.
- You keep all your property.
About Chapter 13
Why would someone want to make retribution on debts when they could utilize a Chapter 7 bankruptcy? There are many reasons, the most alluring being not having to give up property or possessions.
When someone files for bankruptcy under Chapter 13 of the Bankruptcy Code, their aim is to have the opportunity to repay some or all the debts in their name, in better terms, i.e. lower or no interest. Unlike Chapter 7 which involves liquidation of assets, this process involves restructuring debts which allows the debtor to use whatever income they may have in the future to pay off the creditors. Filing Chapter 13 Bankruptcy is thus applicable for a debtor who has a regular income, and thus can afford to request for such adjustments or reductions.
If you would like to speak with an expert to discuss whether or not filing chapter 13 is right for you, please complete the form and one of our attorneys will contact you, or call 1-800-LAW-FIRM now.
A chapter thirteen bankruptcy takes between three and five years to complete. Chapter thirteen consolidates and restructures your debt into a monthly payment plan that meets your budget. While debtors are allowed to keep all of their property, the court approves a new interest-free plan for repayment. You make payments under the court’s supervision. There is no risk of losing any of your assets.
