Chapter 13 Bankruptcy Details
Chapter 13 bankruptcy is a debt repayment plan for individuals. It protects your house from foreclosure while allowing you to catch up on over-due mortgage payments. It can also be a viable option for those who may not qualify for Chapter 7. Chapter 13 is different than Chapter 7, (which may allow you to completely eliminate your consumer debts). Chapter 13 may better suit people who do not qualify for Chapter 7 under the new rules, or who wish to preserve their credit rating by restructuring their debts. Filing a case reorganizes that debt into a single monthly payment. And that payment is then stretched out over 36 to 60 months. ...
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