Understanding How Chapter 13 Bankruptcy Can Help
Chapter 13 In A Nutshell
Chapter 13 is a form of bankruptcy commonly used by both individuals and small businesses. It is often referred to as reorganization bankruptcy. Chapter 13 involves paying back the debt you owe through a carefully tailored repayment plan based on your individual income and financial situation.
With Chapter 13, you can gain control. Instead of being at the mercy of your creditor's payment terms, penalties and collections, you can catch up and get back on track. Once you file for Chapter 13, your creditors must stop all activity, including calling you, sending letters, garnishing wages or threatening foreclosure.
During this time, we work together to develop a payment plan that will work for your monthly budget. Your plan will account for all debts and range from three to five years in duration. At the end of the term, some debts will be paid off and others not. Your remaining unsecured debt may then be discharged!
Come to us with your questions. We are prepared to find the right course of action for you. In the meantime, visit these pages for more information:
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