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Chapter 13

The Payment Plan: Chapter 13 bankruptcy is a payment plan bankruptcy that may help you to repay debts over a period of time, free of creditor harassment.  A key part is that “disposable income” is required, after reasonable and ordinary expenses, and is applied to the debt portfolio, no matter how great the total amount of the debts may be (within the Chapter 13 ceiling limit.) Thanks to tools like mortgage modification mediation, and arrearage repayment, Chapter 13 may help individuals keep their homes, and stop a foreclosureChapter 13 may protect non-exempt property that would otherwise be liquidated in a Chapter 7 proceeding. Chapter 13 is powerful.  Some debtors can benefit from Chapter 13 to control or eliminate some IRS debt. Chapter 13 bankruptcy is available to debtors with regular income. A business cannot file Chapter 13. In addition, there are limits on who can file a Chapter 13 case based upon on the amount of the individual's secured debt and unsecured debts.  In those instances where the limits are exceeded, Chapter 11 Bankruptcy may be an option.

If you wish to read more about Chapter 13, you will find more useful information at:http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter13.aspx

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