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April 11, 2012


Chapter 13 Bankruptcy

What does a Chapter 13 bankruptcy case involve?

Chapter 13 allows individuals who have steady incomes to pay all or a portion of their debts under protection and supervision of the court. Under Chapter 13, you file a bankruptcy petition and a proposed payment plan with the U.S. Bankruptcy Court. Payment plans provide for payment of debts over 3 to 5 years. An important feature of Chapter 13 is that you will be permitted to keep all your assets while the plan is in effect and after you have successfully completed it.

Because of the changes in bankruptcy law in 2005, many people will no longer be eligible to file for bankruptcy under Chatper 7, or will have their Chapter 7 case converted to a Chapter 13 case.

A record of the bankruptcy may remain on your credit report for up to 10 years after filing.

>>What does a Chapter 13 bankruptcy involve?
>>What steps do I need to take before filing for bankruptcy?
>>Who can use Chapter 13?
>>What is the proposed payment plan?
>>What is the role of the Chapter 13 trustee?
>>What are the main effects of filing under Chapter 13?
>>Can I save my home and other assets by filing under Chapter 13?

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