WHAT IS CHAPTER 13?
Your Partners in Financial Recovery and Renewal
What is Chapter 13 Bankruptcy?
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Chapter 13 bankruptcy allows individuals with a regular income to reorganize their debts. Debtors propose a repayment plan to make installments to creditors over three to five years, allowing them to keep their assets while fulfilling their debt obligations under court protection.
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Benefits of Chapter 13:
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Keep your property, including non-exempt assets.
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Restructure your debts to create manageable payment plans.
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Protect co-debtors during the repayment period.
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Considerations:
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Commitment to a payment plan of 3 to 5 years.
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Requires regular income that can support the repayment plan.
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Less impact on your credit score compared to Chapter 7.
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Eligibility and Process:
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Your total debt must not exceed certain limits.
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You must have a steady income with disposable income.
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Filing involves submitting a detailed plan for court approval.
MAKING THE RIGHT CHOICE
Choosing Between Chapter 7 and Chapter 13: Choosing the right type of bankruptcy depends on several factors, including your income, types of debts, and your long-term financial goals.
Doyaga and O'Shea will help you evaluate your situation to determine the best path forward:
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Chapter 7 may be the best solution if you have little disposable income and want to eliminate unsecured debts quickly.
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Chapter 13 might be appropriate if you have valuable assets to protect and a regular income to support a repayment plan.
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Our Commitment: Doyaga and O'Shea are dedicated to providing personalized legal advice tailored to your unique financial situation. We offer a free initial consultation to discuss your options and help you make an informed decision about your financial future.