CHAPTER THIRTEEN (13)
Chapter 13 is termed a Debt adjustment for a Debtor with regular income, but is better known as a Personal Reorganization. To implement a Chapter 13, the Debtor prepares a Plan of Reorganization that proposes to pay back all or some of their debts over a period of three (3) to five (5) years. Each Chapter 13 is different based upon the individuals circumstances. Due to ongoing requirements and varying individual circumstances the decision to file a Chapter 13 Bankruptcy should be discussed with an Attorney.
Chapter 13 Bankruptcy is most commonly used to stop a foreclosure and cure the default on a Debtor's personal residence.
Chapter 13 Bankruptcy is most commonly used to stop a foreclosure and cure the default on a Debtor's personal residence.