Chapter 13 Bankruptcy: What You Need To Know
Chapter 13 bankruptcy is a debt relief process that is available to debtors who are able to draw a steady income. Under Chapter 13 bankruptcy, the debtor gradually repays a portion of his or her debt over a three to five-year period. During this period, the debtor must adhere to a court-approved payment plan. As long as this payment plan is followed, the debtor can emerge from bankruptcy debt-free, usually with all of their property intact.
What does Chapter 13 deal with?
Chapter 13 bankruptcy enables consumers to pay down or eliminate a wide variety of financial obligations, including credit card debt and medical debt. It is a means of both debt consolidation and debt relief. However, a number of debts cannot usually be discharged in bankruptcy, including:
- Student loans
- Debts from crimes
- Debts from unpaid child support
Though these debts are difficult or impossible to remove through bankruptcy, many of our clients find that they are able to pay these debts in full once their other obligations, such as credit card debt, have been eliminated through bankruptcy.
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If you are suffering
from overwhelming debt, talking to an attorney you can trust is
essential. At the Law Office of Steven R. Rebein, LLC, we can help
you get your financial future back on track. Contact us or call us at
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