Chapter 13 is a reorganization bankruptcy designed for debtors with regular income who can pay back at least a portion of their debts through a repayment plan. If your income is too high to qualify for Chapter 7 bankruptcy, you may have no choice but to file a Chapter 13. Many debtors choose to file for Chapter 13 bankruptcy because it offers several benefits that Chapter 7 bankruptcy does not (such as the ability to catch up on missed mortgage payments or remove wholly unsecured junior liens from your house).
In Chapter 13 bankruptcy, it is possible to keep all of your property (including nonexempt assets). You pay back all or a portion of your debts through a repayment plan (the amount you must pay back depends on your income, expenses, and types of debt). For this reason, Chapter 13 is commonly referred to as a reorganization bankruptcy. Typically a Chapter 13 bankruptcy is for debtors to make monthly payments, in order to get caught up on the missed mortgage or car payments or pay off nondischargeable debts such as alimony or child support arrears.
James E. Ford will file your bankruptcy and stop the creditor calls and any collection activity mounted against you. Get the debt relief you need and start living a new freedom from the stress of debt.
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