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Chapter 13

Chapter 13: Wage-Earner Plan

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Chapter 13 is designed for individuals with regular income who want to pay their debts but are unable to do so in a timely manner. The purpose of Chapter 13 is to enable financially distressed individual debtors to propose and carry out a repayment plan under which creditors are paid over an extended period of time.

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Bankruptcy – When all is gone, not all is lost

Bankruptcy
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Personal bankruptcy generally is considered the debt management option of last resort because the results are long lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job. Still, it is a legal procedure that offers a fresh start for people who can’t satisfy their debts.

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Chapter 13 Individual Debt Adjustment

Bankruptcy
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The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.)

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