Antitrust Law

Asbestos Law

Civil Rights Law

Communications Law

Contract Law

Dispute Resolution

Divorce Law

Education Law

Family Law

Health Law

Immigration Law

Incorporation

Internet Law

Intellectual Property

Landlord Tenant Law

Law Schools

Lawsuit Funding

Lemon Law

Medical Malpractice

Other Law Fields

Personal Injury

Prepaid Legal Services

Structured Settlement

Tax Law

Workers Comp

 

Free Legal Advice

Online Legal Forms

Legal Answers

Legal Definitions

Advertise on LDB


 

 

Chapter 13 Bankruptcy

Navigation:  Home > Bankruptcy > Chapter 13 Bankruptcy

 

Chapter 13 is a repayment plan for individuals with regular income and unsecured debt less than $290,525 and secured debt less than $871,550. The debtor keeps his property and makes regular payments to a trustee out of future income over about a 3 to 5 year period.  Repayment in Chapter 13 generally ranges from 10 percent to 100 percent, depending on the debtor's income and the type of debt.

In reorganization bankruptcy, the court basically decides how you will repay your creditors some you will have to pay in full, some only a percentage, and some will not have to be paid at all.

In Chapter 13 bankruptcy, you file a proposed payment plan with the court, describing how you will repay your creditors. You then meet with creditors who discuss your plan with you, and afterwards, the judge will decide whether or not to accept your repayment plan. If you  follow your repayment plan, the remaining portion of your dischargeable debt will be wiped out at the end of the three or five year period.

Sponsored Ads

Find a Lawyer

Sponsored Links

Your Ad Here