In this video, you will learn about a chapter 13 bankruptcy lawyer. Chapter 13 bankruptcy enables individuals to develop a plan to repay their debt. Debtors propose a repayment plan to make installments to creditors over three to five years.
During this time, the law forbids creditors from starting or continuing collection efforts. Chapter 13 bankruptcy is a debt consolidation and repayment plan that lasts three to five years. The length of the payment plan can be discouraging for some people and Chapter 7 bankruptcy may seem initially more preferable. However, some are not available in Chapter 7, and it may be the best solution for your long-term financial health to go with chapter 13. Chapter 11 is also a type of bankruptcy. This is for a monetary amount of millions of dollars. Most people fall under chapter 7 or chapter 13. Law firms take what the client is behind on their bills and can create a plan that can go up to five years of repayment. Old tax debt also doesn’t have to be repaid through bankruptcy. For a lot of folks, chapter 13 allows you to keep your assets. If you are interested in learning more, keep watching this video.