Chapter 13 Bankruptcy Explained

If you are planning to file for Chapter 13 bankruptcy, you will need to have a full understanding of what Chapter 13 is, what it does and how it may benefit you. 

Unlike people who file for Chapter 7 bankruptcy, people who decide to pursue Chapter 13 usually have the monetary means to repay the debt they owe to their creditors.  They simply need time to repay their debt in full and need to come up with a feasible repayment plan. 

When people decide to file for Chapter 13, they will be responsible for repaying their creditors over the time span of 3 - 5 years.  However, while they have to repay their debts, they do not have to go through the liquidation process like those who file for Chapter 7.  For this reason, Chapter 13 can be very advantageous to those who are struggling with their bills, but wish to remain in possession of their homes, cars and other valuable assets.

To learn more about Chapter 13, you should speak with a Salt Lake City bankruptcy attorney from the Stone Law Firm.  You can set up an initial bankruptcy consultation when you contact us.