Chapter 13 Bankruptcy

Chapter 13 bankruptcy, a/k/a the “wage earner” or “reorganization” bankruptcy, differs quite a bit from Chapter 7 bankruptcy. In a Chapter 7 bankruptcy, most debts are eliminated in exchange for relinquishing non-exempt property. In a Chapter 13 bankruptcy, you don’t have to necessarily relinquish property, but you must use your income to pay some or all of what you owe to your creditors over a period of time, which ranges from three to five years.

Repayment plans are typically determined by what a person can afford, and not by how much they owe. Even under a Chapter 13 repayment plan, you may receive a discharge of many, if not all, unsecured debts. Chapter 13 is generally available only to individuals with regular income and to individuals who operate a business as a sole proprietorship. For small businesses other than sole proprietorships, Chapter 11 may provide the appropriate relief.

You should consider Chapter 13 if you:

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