Understanding Chapter 13 Bankruptcy
In order to be eligible for Chapter 13 bankruptcy, you are required to
maintain a regular income sufficient for your repayment obligations and
cannot have secured debts exceeding $1,149,525. Many individuals with
significant property, such as a home, find that Chapter 13 bankruptcy
is the best solution for their debt.
One of the most significant aspects of Chapter 13 bankruptcy is the repayment
plan. This plan tells the bankruptcy court how you intend to pay back
your debt and typically lasts between five to seven years. Certain debts
are considered "priority debts" and can include child support
and alimony, owed employee wages, and tax obligations.
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When you file for bankruptcy, you are also granted an automatic stay, which
protects your property from repossession, garnishments, foreclosures,
and evictions. Chapter 13 provides an effective way of protecting your
property and catching up on mortgage and car payments.
Every individual is different and our firm is committed to securing the
best strategy for you. We will work with you every step of the way and
give you back the financial optimism you deserve. For more information
about Chapter 13 bankruptcy or to request your case evaluation, be
sure to contact us today!