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This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
But not everyone qualifies. Instead, people who have significant income or want to keep valuable property often turn to Chapter 13 bankruptcy for help. In this article, you'll learn about: the Chapter 13 bankruptcy process; qualifying for Chapter 13 bankruptcy; preparing a three- to five-year repayment plan, and
Under Chapter 13, you have 3-5 years to resolve debts while applying all your disposable income to debt reduction. That means no-frills living, but the Chapter 13 option lets you eliminate unsecured debt like credit card payments, while you catch up on secured debt like mortgage payments.
Chapter 13 bankruptcy allows you to repay some of what you owe through a court-ordered repayment plan. The repayment plan usually lasts between three and five years. The filing fee for Chapter 13 bankruptcy is $310, but if your income is low enough, you could file to waive this fee.
The goal is to resolve some debts and get current on secured loans — those with collateral, such as a home or car. Here's how to figure out if Chapter 13 bankruptcy is right for you and how...
Learn how Chapter 13 bankruptcy works, whether you are eligible to file Chapter 13 bankruptcy, what happens to your car and home in Chapter 13, differences between Chapter 7 and Chapter 13, how much you'll have to pay through your Chapter 13 bankruptcy repayment plan, and more.
When you file for Chapter 13 bankruptcy, you’ll need to meet certain requirements. The court will check your income, tax status, debts and previous bankruptcies to determine if you qualify.