Chapter 13

A Chapter 13 bankruptcy is typically utilized when you cannot qualify for a Chapter 7. This usually occurs when your annualized income is above the current median income level for your family size. Unlike a Chapter 7 case, which usually lasts 120 days and does not require any repayment to the trustee, a Chapter 13 case will have monthly payments that need to be made to the trustee for a period of time between 36 and 60 months. The actual monthly payment plan is based upon numerous factors, which is why it is essential for you to be represented by an attorney who can calculate a reasonable monthly plan payment. Chapter 13 cases are much more complex and involved than Chapter 7 cases, but there also are some unique benefits such as saving your home from foreclosure even if you are in arrears, lien stripping, and forcing creditors to accept the repayment plan. There are so many potential considerations and factors in a Chapter 13 case, that I cannot list them all here. I am ready to provide you with a consultation to create a Chapter 13 plan that works for you.