Services for Chapter 13 Debtors

A Chapter 13 bankruptcy is generally known as a wage-earner’s bankruptcy. It provides a way for you to repay your debts pursuant to the terms of a Chapter 13 plan. An individual or an individual and spouse with regular income that is owing, on the date of the filing of the petition, unsecured debts of less than $290,525. and secured debts of less than $871,550. may be a debtor under a Chapter 13.

In a Chapter 13 it is possible to obtain court approval of a Plan that allows you to retain your non-exempt assets, if you repay your debts as proposed in your Plan, and none of the assets are "luxury" items.

In general, a Chapter 13 bankruptcy is most commonly used to avoid the repossession of an automobile, the foreclosure of a home or the repayment of tax obligations. The basic benefit of a Chapter 13 plan is that it allows you to pay money back at a rate that you can afford.

A budget is prepared showing all of your necessary living expenses, including your house payment and other principal obligations. The net sums from your monthly income after taxes and current living expenses are basically offered to creditors over a 3- to 5-year period.

You may not be required to pay 100% of your debts to satisfy the requirements of Chapter 13. Upon successful completion of a Chapter 13 Plan, in whatever amount the Court approves, you will receive a discharge of all debts paid off pursuant your confirmed Plan.

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