Chapter 13 Bankruptcy

Chapter 13 bankruptcy is for individuals with regular income.

In a chapter 13 bankruptcy, you will have to propose a plan to repay all or part of your debts by paying creditors in monthly installments over three to five years.

One advantage of a chapter 13 is the ability to stop the foreclosure on your home and keep the home. It provides you with up to five years to make up past due mortgage payments while staying current on mortgage payments going forward. In a chapter 13 bankruptcy, a debtor behind on car payments can often prevent repossession and keep the car by continuing to make regular monthly payments. The debtor may be able to reduce the amount the debtor has to pay the lender if the vehicle loan is greater than 910 days old.

Chapter 13 may be a good option if:

You want to keep your home;
You have other significant non-exempt assets that you want to keep.

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