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Chapter 13 Bankruptcy Law

Chapter 13: Often called “wage earner’s bankruptcy”, this type of filing does not erase all personal debt; rather, it gives you the chance to make payments to your creditors over a period of time – usually 3-5 years. It allows you to keep your assets while still reducing your debt.


Chapter 13 is well suited for debtors who are significantly behind in their mortgage or other secured interest and unable to stay current on their arrears. Rather than face the threat of foreclosure or repossession, under a Chapter 13 plan, arrears are paid off monthly under a 3 to 5 year plan along with a potion of other unsecured debt as determined by net monthly income and valuation of non-exempt assets. The debtor must have sufficient monthly income to fund the Chapter 13 plan. Every Chapter 13 plan is different and is formulated upon evaluation of the bankruptcy estate by your attorney.

Call Stephen G. Court for a free consultation to see if Chapter 13 is the right option for you.

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