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Chapter 13 Archives

Can Chapter 13 bankruptcy help resolve your debts?

Chapter 13 bankruptcy is an option if you make too much money to go through a Chapter 7 bankruptcy. This form of bankruptcy allows you to make installment payments over the course of three to five years. During that time, a trustee takes the single payment and pays creditors. At the end of the term, any remaining debts are discharged.

How are debts handled in a Chapter 13 bankruptcy?

Filing a Chapter 13 bankruptcy means that you are going to repay some debts that are included in the case. Within 14 days of filing the petition, you have to file a repayment plan. This outlines how much you are going to pay and how often. These payments, which are typically bi-weekly or monthly, coincide with your pay and are made to the trustee.

The wage earners bankruptcy will take time to get through

The Chapter 13 bankruptcy is one that you have to be prepared to deal with for a long time to come. This isn't as fast as the Chapter 7 because you have to make payments when you file the Chapter 13. It isn't necessarily easier to file this form since you have to meet specific requirements.

Former Lt. Gov. and wife file for Chapter 13 bankruptcy relief

The former Lieutenant Governor of Arkansas, Mark Darr and his wife, Kimberly, have filed for Chapter 13 bankruptcy. Chapter 13 is a bankruptcy for wage earners with regular income who want to pay part or all of their outstanding bills pursuant to a three to five-year payment plan. This type of bankruptcy is used mostly by consumers to try and keep their homes by getting their defaulted mortgages back up to date.