Also called a “wage earner’s plan,” this type of bankruptcy allows debtors to develop a plan to repay their debts over three to five years. The idea is that, depending on your personal income, you’ll develop a process you can stick to and pay a certain amount towards your debts over an agreed amount of time.
This process can help stop foreclosure proceedings and roll back delinquent mortgage payments on a path towards you keeping your home. It also has other debt stipulations that can third parties involved with your debt, such as co-signers.
Chapter 13 is an opportunity to consolidate your debt, worth through a third party “trustee,” and develop a plan to be debt-free within a certain amount of time with no direct contact with your creditors.
Contact our Team today if you have a potential Chapter 13 case.
Natural State Law, PLLC is a family and business law firm focused on meeting various needs in personal and commercial disputes. We also offer legal guidance pertaining to real estate, bankruptcy, estate planning, aviation, and firearms.
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