Chapter 13 bankruptcy, also known as a “reorganization” bankruptcy, is a form of debt relief that is intended to help married couples or individuals who are struggling with financial hardship, but who earn too much money to qualify for Chapter 7 bankruptcy, or who own substantial equity in real estate.
A Chapter 13 bankruptcy creates a 3 to 5 year re-payment plan that allows you to pay back part of your debt. At the end of the repayment period, the balance of your debt is eliminated. Certain debts, like student loans, cannot be eliminated in bankruptcy, but your repayment obligations will be reduced and deferred during the repayment period.
A Chapter 13 bankruptcy will stop creditors’ collection efforts, foreclosure proceedings, and wage garnishments, and will allow you to keep your house, car, and other valuable assets.
Chapter 13 bankruptcy helps people struggling with financial hardship by:
If you have questions about how a Chapter 13 bankruptcy is different from Chapter 7 bankruptcy, want to know which debts can be discharged and which ones cannot, or are curious about options other than bankruptcy, check out the FAQ's, and contact the Law Offices of Thomas J. Miinotti, P.C. today.
If you or your family is suffering from financial hardship and needs to re-structure your payment obligations and reduce your debt, contact the Law Offices of Thomas J. Minotti, P.C. today. Case assessments are free. Military veterans are eligible for discounted rates.
Call the Law Office of Thomas J. Minotti, P.C. at 845-570-9300, email email@example.com, or complete the online form.
We are a debt relief firm. We help people file bankruptcy petitions to obtain relief under the bankruptcy code. Prior results do not guarantee a similar outcome.