Chapter 13 Bankruptcy
If Chapter 7 doesn’t work for you than you may have to file under Chapter 13 bankruptcy.
Chapter 13 is very different. If you file under Chapter 13, you may keep your property and you agree to pay your debts over time from your current income, pursuant to a court-approved plan. The amount that you will repay to creditors under the plan will vary based on your particular circumstances.
The payments made to creditors under the plan must total at least as much as creditors would have received if you filed a case under Chapter 7. The payments are made to a trustee, who distributes the payments to the creditors.
The plan lasts either until you pay your debts in full or until the end of a three- to five-year period. You receive a discharge at the completion of the plan.
This was just an overview. More details are provided in the Bankruptcy FAQ.
Call Christopher O’Brien at (239) 337-0448 today to schedule your free initial legal consultation.