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Paying Your Debt Using a Chapter 13 Bankruptcy It's possible to actually establish a court monitored debt repayment plan using a chapter 13 bankruptcy Print E-mail
Paying Your Debt Using a Chapter 13 Bankruptcy It's possible to actually establish a court monitored debt repayment plan using a chapter 13 bankruptcy. This kind of bankruptcy allows you to still get the relief you need from collection calls, garnishments and lawsuits. In effect, you ask the court to intervene on your behalf with your creditors to get some breathing room. The repayment plan usually calls for listed debts to be repaid within 5 years. Of course, the US bankruptcy court can do what it wants and in some situations a longer period of time is allowed. The measure used is the relationship of your current monthly income to your expenses. There are standard formulas used in order to determine eligibility for this type of bankruptcy. Any individual is permitted to file a chapter 13 as long as the secured and unsecured debts are under a certain amount. Your bankruptcy attorney will review all of your debts and categorize them in order to determine if you meet eligibility requirements. When you file a chapter 13, you go through many of the same steps you would go through if filing a chapter 7. You have to complete a series of
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