Chapter 13 Bankruptcy

A Chapter 13 bankruptcy might be a good option for you if you have a large amount of equity in your home, or if you have other significant assets such as expensive art, antiques, a large amount of money in the bank, or a second home.  Chapter 13 can also work for people who have debts that are not discharged in Chapter 7, such as taxes.

With Chapter 13, you keep all of your property, no matter how much you own.  Your debts are repaid in installments over a period of up to five years, depending on your income and your ability to repay.  We will help you work out a plan that is submitted to the Court showing how much you make, and how much you can afford to pay each month to your creditors.  You can agree to repay all of your debts, or only a portion, depending on your circumstances.  The Court must approve your plan, and you must have regular monthly income to pay toward your old debts each month.

Remember, certain debts cannot be erased in bankruptcy.  Student loans, some taxes, child support, alimony, court-ordered criminal restitution, and some other specific debts may not be discharged.  If you have any such debs, talk to us about your options.

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Chapter 13 Bankruptcy