Reorganize Your Debt With A Chapter 13 Bankruptcy
A Chapter 13 Bankruptcy allows a debtor to reorganize their debt. This remedy allows a debtor to lump all of their liabilities into one (1) lump sum monthly payment payable over a period of 3 to 5 years after the date of the Chapter 13 completion. This a good remedy for debtors with secured debts and a regular income who want to retain their assets and eliminate the danger of losing their assets and creditor harassment.
Chapter 13 Bankruptcy How It Works
In a Chapter 13 Bankruptcy the debtor goes to Bankruptcy Court and asks the court to ask permission of the court to combine their outstanding liabilities into one lump sum payment made over a period of 3 to 5 years. Arrears owed under secured liabilities and unsecured liabilities are organized into one lump sum monthly payment.