Chapter 13

Chapter 13 bankruptcy is a payment plan bankruptcy that allows you to repay debts over a reasonable period of time free of creditor harassment.  The greatest advantage for many people is that they are only required to contribute their “disposable income” to payment of their debt portfolio, no matter how great the total amount of the debts are, which means that they are able retain enough income to pay their reasonable and provable living expenses.  Thanks to tools like mortgage modification mediation, and arrearage repayment, Chapter 13 may help individuals keep their homes, stop a foreclosure, and remove certain liens from their personal property.  Chapter 13 may protect non-exempt property that would otherwise be liquidated in a Chapter 7 proceeding.

You can use Chapter 13 to "strip" or eliminate a second mortgage from your non-homestead real property under certain circumstances. Chapter 13 is also useful to control or eliminate some IRS debt and to establish an affordable plan to pay IRS debt that cannot be eliminated. Chapter 13 bankruptcy is available to debtors with regular income. A business cannot file Chapter 13. In addition, there are limits on who can file a Chapter 13 case based upon on the amount of the individual's secured debt and unsecured debts.  In those instances where the limits are exceeded, Chapter 11 Bankruptcy may be an option.

The Reed Law Firm has filed many Chapter 13 cases.  Contact the experienced bankruptcy attorneys at The Reed Law Firm. We can explain the differences between chapter 7 and chapter 13 Bankruptcy, and help you decide which is the best course of action for your unique and personal situation.

If you wish to read more about Chapter 13, you will find more useful information at:http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter13.aspx

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