How Chapter 13 Bankruptcy Works

How Chapter 13 Bankruptcy WorksSometimes a Chapter 13 bankruptcy will be a much better option for you than a Chapter 7. But, how do you know when that is the situation? Even though Chapter 7 provides a wide range of debt relief, it does not do all things for all people. There are some debt problems that Chapter 7 just does not help. These are typically situations where the debtor’s assets (a house or a car, for example) have loans against them that are behind in payments and the debtor wants to save and keep those assets.

There are certain debts that can’t be covered by Chapter 7 bankruptcy. However, Chapter 13 bankruptcy can provide you with a simple, orderly payment plan to handle what Chapter 7 doesn’t. The best example we can give you are the back payments on a house. Chapter 7 doesn’t help you much. But Chapter 13 bankruptcy may allow you to force your mortgage company into a 5 year-long plan for catching up back payments and stopping foreclosure.

So learning how a Chapter 13 case works and how it may affect your situation could be pretty important. Here are the topics we’ll cover to explore your rights and obligations in a Chapter 13.

You are about to begin our short course on How Chapter 13 Bankruptcy Works. Before you do, here are some questions you should keep in mind. These will help you see if Chapter 13 Bankruptcy is right for you:

  • Which debts do I have to pay in Chapter 13 Bankruptcy?
  • Who decides how much I have to pay on each debt?
  • How much will my payments be in Chapter 13 Bankruptcy?
  • How long does my payment plan have to be?
  • What happens to me if down the road I am unable to make the Chapter 13 plan payments?
  • Do people ever jump from bankruptcy chapter to another?

Please dig in to our Chapter 13 bankruptcy materials. You will find information that helps you understand if Chapter 13 is the best option.

 

 

WHY CHOOSE A CHAPTER 13?

CHAPTER 13 CAN CURE A DEFAULT

“CRAM DOWN” A CREDITOR

THE CHAPTER 13 PLAN

THE PLAN CONFIRMATION PROCESS

THE CHAPTER 13 DISCHARGE

 

 

 

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