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BANKRUPTCY ATTORNEYS!
CHAPTER 13 BANKRUPTCY
What is Chapter 13 Bankruptcy?
The different chapters of bankruptcy refer to portions of the U.S. Bankruptcy code.
Chapter 13 bankruptcy is usually used by individuals to allow the debtor (the person
filing bankruptcy) to keep their property (unlike in chapter 7 bankruptcy where
property is sold to satisfy creditors) and enter a payment plan for a set period
of time to satisfy debts owed to creditors. Because of the repayment plan and the
income requirements that necessitate chapter 13 bankruptcy, it is called a "wage
earner's plan" bankruptcy.
Who Files Chapter 13 Bankruptcy?
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What are the Alternatives to Filing Bankruptcy?
Sometimes people believe that they need to file bankruptcy because they cannot see
a way out of debt -- you may be able to find help through debtor education and credit
counseling. In fact, under the new bankruptcy laws (the Bankruptcy Abuse Prevention
and Consumer Protection Act of 2005, to be exact), in many situations, 180 days
before filing bankruptcy the debtor must go through credit counseling in order to
be eligible to file for bankruptcy.