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  • Member You - Chapter 13 Bankruptcy What Exactly Does It Mean?

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    Chapter 13, Title 11, United States Code, this section of bankruptcy refers to the way an individual person can choose to go through a reorganization that is lead by the federal bankruptcy court. The Bankruptcy Code says that the ultimate goal of Chapter 13 is to allow debtors who have a steady income to agree to a court supervised repayment plan. Individuals can only file Chapter 13 or Chapter 7, the choice is theirs which one would be more beneficially to them and their situations. With Chapter 7 they court liq
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    rson can choose to go through a reorganization that is lead by the federal bankruptcy court. The Bankruptcy Code says that the ultimate goal of Chapter 13 is to allow debtors who have a steady income to agree to a court supervised repayment plan. Individuals can only file Chapter 13 or Chapter 7, the choice is theirs which one would be more beneficially to them and their situations. With Chapter 7 they court li
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    tcy Code says that the ultimate goal of Chapter 13 is to allow debtors who have a steady income to agree to a court supervised repayment plan. Individuals can only file Chapter 13 or Chapter 7, the choice is theirs which one would be more beneficially to them and their situations. With Chapter 7 they court li
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    e to a court supervised repayment plan. Individuals can only file Chapter 13 or Chapter 7, the choice is theirs which one would be more beneficially to them and their situations. With Chapter 7 they court li
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    theirs which one would be more beneficially to them and their situations. With Chapter 7 they court liquidates the assets and pays the creditors and it is over but with Chapter 13, the courts give you between 3 and 5 years to repay the payment reorganization plan.

    While the agreement says once a debtor has agreed to a Chapter 13, the creditor is not allowed to contact the debtor and try to collect money from them. The creditor has to collect through the courts. The debtor gets to keep their property and th

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