Chapter 13 Bankruptcy

Chapter 13 bankruptcy is for individuals and involves using income to pay off debts. The income of the individual must be high enough to prove that sufficient debt payments can be made.¹ Chapter 13 bankruptcy allows for lower interest options and eliminates pressure from debt collectors.² A typical repayment plan is 30 to 60 months.³

Fast Facts

1. Secured debts cannot exceed $1,010,650¹
2. Unsecured debts cannot exceed $336,900¹
3. Must receive approved credit counseling first¹
4. Allows making up past missed payments¹
5. Businesses cannot file¹

Disclaimer

The content on this page is not a substitute for legal advice. Consult a legal professional before filing for Chapter 13 bankruptcy.

Related Pages on Mahalo

Chapter 7 Bankruptcy | Chapter 11 Bankruptcy | Lehman Brothers | Mrs. Fields | FDIC | FDIC Bank Watch List | IndyMac Bank Failure | Charles Schumer | Fannie And Freddie Bailout | Fannie Mae | Freddie Mac | Mortgages | Subprime Mortgage Crisis | Bear Stearns | First National Bank of Nevada

Categories