Chapter 13 Bankruptcy Explained

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.

Video Source

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.


Leave a Reply