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A Chapter 13 bankruptcy is commonly known as a “debt reorganization” bankruptcy. In a Chapter 13 bankruptcy you make monthly payments over three or five years. Your monthly payment may go towards your mortgage, vehicles, taxes, child support, and spousal maintenance, and arrears on payments if you are behind. Depending an various factors it may or may not also go towards your unsecured debt. At the end of your Chapter 13 bankruptcy any remaining eligible unsecured debt which has not been paid is discharged (i.e. “wiped out.”)
WHICH CHAPTER IS RIGHT FOR YOU?
First you must qualify for either Chapter 7 and/or Chapter 13. Once you are qualified you still might be able to elect one or the other. Every person’s situation is different and there are many issues to consider when deciding upon a bankruptcy chapter. Therefore the answer is not “one size fits all.” Together we will review your financial situation and I will advise you regarding all of your bankruptcy options, including the pros and cons of each.
To read more about the bankruptcy process and the different bankruptcy chapters click here.
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