Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is an option that allows you to reorganize the debt by paying off all or part of your debts over three to five years without the risk of losing your homes or other property if:

• You are an individual or a sole proprietor business.
• You have mortgages or other loans.
• You pay taxes, child support or student loans that can't be wiped out by Chapter 7 Bankruptcy.
• You personally feel that debts should be paid no matter how long it takes.

• A stable income with disposable income.
• Have no more than $1,010,650.00 in secured debt and $336,900.00 in unsecured debt.
• A payment plan that provides for all priority claims to be paid within 3 to 5 years.

The Bankruptcy trustee appointed by the Bankruptcy Court must review the proposed plan for accuracy and flexibility. The proposed plan is shown to the debtor’s creditors, who then have the right to object to the plan.

• Keep all your assets during the period of the plan.
• Make monthly payments to the Bankruptcy trustee for the creditors according to the plan.
• Have your unpaid debts "discharged" if the plan is completed as approved.
• Have several other alternatives if you do not complete the repayment plan as approved.