How can a Chapter 13 bankruptcy help me?

If you earn too much money or have too much equity in your home, you may not be eligible for a Chapter 7 bankruptcy.

Chapter 13 bankruptcy is often best for people who have secured debt, like a mortgage or a car loan, or who have tax debt. Like a Chapter 7 bankruptcy, filing for a Chapter 13 bankruptcy automatically stops all collection efforts, including collection of judgments, foreclosure lawsuits, and wage garnishments.

In a Chapter 13 bankruptcy, you will pay back a percentage of your unsecured debt over a 3 to 5 year period. At the end of the repayment period, the remaining debt is discharged.

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