What is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy is a reorganization bankruptcy that allows individuals with a regular income to develop a plan to repay all or part of their debts over a period of three to five years. It helps protect your home, car, and other assets while catching up on past‑due payments under court supervision.
Who Qualifies for Chapter 13 Bankruptcy?
- Individuals with a regular income
- Those with unsecured and secured debt under the eligibility limits
- People seeking to protect homes from foreclosure
Benefits of Chapter 13 Bankruptcy
- Stop foreclosure and repossession
- Catch up on past‑due payments
- Protect co‑signers on certain debts
Chapter 13 Bankruptcy Process
- Initial consultation
- Develop a repayment plan
- Court confirmation hearing
- Plan completion and discharge