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Life After Bankruptcy


Chapter 13 Bankruptcy

Filing for a Chapter 13 bankruptcy is a way for you to repay your debtors while still retaining certain specified assets. These assets include but are not limited to your car, personal effects, household items, life insurance policies, public benefits, and any pensions you may have. The key idea to a Chapter 13 filing is to keep a lot of what you have, pay off your debtors in time, and get a new start with a smaller dent on your credit history.

Other Options

There are some other options, other than bankruptcy, that we recommend that you explore:

Do I qualify to make a Chapter 13 Bankruptcy filing?

Anyone receiving a regular income, who at the time of filing owes no more that $250,000.00 in unsecured debts and no more than $750,000.00 secured debt. These debts must no be subject to any conditions and the amount can not change, or in legal jargon "non-contingent and liquidated".

How long will a Chapter 13 bankruptcy filing stay on my credit report?

A Chapter 13 filing will be with you for seven years, no way around it. Typically your debts will be renegotiated with those to whom you owe and placed on a 36 month payment plan, extendable, but not exceed 60 months. Once you have completed these payments, your filing will still show up on your credit report for 4 more years assuming you completed them in 36 months. The good news is credit lenders are much more lenient to a Chapter 13 filer than a Chapter 7. Which a chapter 13 bankruptcy you have showed to would be lenders that you were able to make good on your debts and are more credit worthy.

The basic difference between a Chapter 13 and a Chapter 7 Bankruptcy

The principles are the same. You are overwhelmed with debt and cannot pay for whatever reasons have befallen your situation. The difference between a Chapter 13 and a Chapter 7 is with a Chapter 7 your are wiping the board clean. You walk away from all your debts, but you give up more of your rights to retain your assets. With a Chapter 13 filing, you keep more of what you own, and you make step to repay and make good on the debts you owe with help.

What are the benefits to a Chapter 13 Bankruptcy?

Filing a Chapter 13 Bankruptcy will get the creditors off your back immediately, provides you with the opportunity to pay off your creditors, allows you to keep more of your personal property, and most importantly will be off your credit report more quickly

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