What Is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy is a type of bankruptcy that allows you to develop a repayment plan for your
debts based upon your disposable income each month. In some Chapter 13 Bankruptcy cases the
debtor will pay back 100% of the debts they owe, but on a payment schedule that works better for
them. In other cases, the debtor will only pay back a certain percentage of the debts owed. It all
depends upon your disposable income and the types of debt you are dealing with. Chapter 13
Bankruptcy is not for everyone, but it is a very powerful option for the right situations and clients.
Chapter 13 Questions Florida
Is Chapter 13 Bankruptcy Right For Me?
Chapter 13 Bankruptcy may be an option for you, it depends upon what you are trying to
accomplish. For example, if you are behind on your mortgage and want to catch it up or you want to
try and modify your mortgage, Chapter 13 may be your best option. Another situation where
Chapter 13 is a great option is when you do not qualify for a Chapter 7 Bankruptcy. In situations such
as this, the ability to develop a plan to repay your creditors based upon your disposable income is a
life saver. The important thing to remember is that a Chapter 13 only works if you have actual
disposable income to make plan payments, if you don’t have disposable income, Chapter 13 is not
going to work. Disposable Income is money left over at the end of each month, after paying all
necessary (and allowable) expenses to maintain you and your family. We will leave the discussion of
Allowable Expenses for another day. Bk Lawyer Florida
Needless to say, Chapter 13 Bankruptcy can be a very powerful option for you to use to gain control
of your financial situation. If the Bankruptcy Court confirms your Chapter 13 Plan, your creditors
have to abide by it, even if they are not paid back 100% of what you owe them. Chapter 13
Bankruptcy is not something to be entered into lightly, it is important to consult with an attorney so
that you can make an informed