Chapter 13 Bankruptcy
Under this chapter, you pay all or part of your debts over a period of three to five years. To determine how much you should pay, the court will apply standards set by law to determine what you should have left over.
Chapter Thirteen applies if your income is too high qualify for Chapter 7 or if the debtor has valuable non-exempt property which you wish to keep.
Chapter 13 is also a good options option for folks who are significantly behind in their mortgage payments but would like to maintain their home. Currently, the Obama administration is working on rules to help make this option even more viable.
You must have a "regular source of income" to participate in this form of Bankruptcy.
Chapter Thirteen is a very complex form of Bankruptcy. Contact this office to discuss how we can help you.