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- Secured debts cannot exceed $1,010,650Nano: An Overview of Chapter 13 Bankruptcy
- Unsecured debts cannot exceed $336,900Nano: An Overview of Chapter 13 Bankruptcy
- Must receive approved credit counseling firstNano: An Overview of Chapter 13 Bankruptcy
- Allows making up past missed paymentsNano: Reasons to Use Chapter 13 Bankruptcy
- Businesses cannot utilize Chapter 13Nano: Are You Eligible For Chapter 13 Bankruptcy?
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Chapter 13 bankruptcy is a form of bankruptcy that individuals can use to restructure their debts. Chapter 13 involves altering the payment terms of existing debts so that they can be paid off using the current income of the debtor. The income of the individual must be high enough to prove that sufficient debt payments can be made.Nano: An Overview of Chapter 13 Bankruptcy Chapter 13 bankruptcy allows for lower interest options and eliminates pressure from debt collectors.BankruptcyHome: Chapter 13 Bankruptcy A typical repayment plan is 30 to 60 months.TotalBankruptcy: Chapter 13 Bankruptcy
Alternatives to Chapter 13
Some bankrupts may be able to utilize Chapter 7 which liquidates assets and results in debts being forgiven. Taxpayers with larger amounts of debt may be able to utilize Chapter 11.
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