Built on Family.
Focused on Helping.
Dedicated to Winning.
We win or you don’t pay
500 ★★★★★ reviews
If you have ever considered bankruptcy, you probably know that when you file a personal bankruptcy, there are generally two ways that individuals or families are allowed to file. That would be thought Chapter 7 bankruptcy, which is typically known as a liquidation bankruptcy since it usually wipes out most types of debt, and Chapter 13 bankruptcy, which is considered a type of reorganization bankruptcy.
While the idea behind Chapter 7 is to give individuals or families a clean slate or a kind of "do over." Chapter 13 is more about paying off the amount of debt that is owed by using a structured repayment plan. This type of plan usually takes anywhere from three to five years to complete.
Since Chapter 13 allows you to keep the property you own, it is often a practical way to repay debt when you have gotten in over your head and find that you can't pay the monthly amounts that you owe. Before you can file for a Chapter 13 bankruptcy, however, you will have to show the court that you are capable of repaying the debt over a period of time. If you have a low income or your pay is not regular, then the court may determine that you are not eligible for Chapter 13 since the judge may feel that you cannot make the type of payments you would need to make in order to stay on schedule.
Individuals or families who are considering the option of filing a Chapter 13 bankruptcy may find beneficial information about the process on our website.