Question: What is a Chapter 13 Bankruptcy?


Answer


Chapter 13 refers to the specific chapter of the Bankruptcy Code which provides for the restructuring and repayment of debts. This form of bankruptcy, which is available to qualifying individuals, is often referred to as a wage earner’s bankruptcy because it involves the use of a repayment plan to satisfy the debtor’s obligations, rather than involving the liquidation process seen in the context of a Chapter 7 bankruptcy filing. In a Chapter 13 bankruptcy such repayment of debts takes place over the course of a three to five year term upon the expiration of which the remaining debts of the debtor are discharged.

If you are interested in filing a Chapter 13 Bankruptcy, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.


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