Chapter 13 Bankruptcy

Also called reorganization bankruptcy, Chapter 13 allows debtors to keep most of their assets and make arrangements to repay the debts, sometimes for less than what is still owed. You and your lawyer list your income, expenses, assets, and debts. Your Bankruptcy lawyer will then file the forms plus a proposed repayment plan describing how you intend to repay your debts over the next 3-5 years.

About a month after filing, you and your lawyer will attend a meeting of creditors where the trustee will look over your paperwork and ask any question. The trustee will oversee your entire case. After the meeting, you attend a hearing before a bankruptcy judge. If your plan is approved, the debtor must pay all disposable income, (whatever is available after necessities are paid for; food, shelter, etc.) to the trustees who then pay your creditors. If you make all your payments as outlined, then you often receive a discharge of any balance owed at the end of your case

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