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Chapter 13 bankruptcy basics
By Bankruptcy Home
The purpose behind Chapter 13 Bankruptcy filing is rehabilitation of the debtor. Meaning you are given the opportunity to repay some or all of your debts.but under generally better terms (lower or no interest). Rather than having to liquidate assets to pay off debts, this process is designed to allow the debtor to use future income to pay off creditors. Chapter 13 Bankruptcy is basically an adjustment or reduction of debts for a debtor with regular income.
The United States Bankruptcy Code provides the debtor an opportunity to pay back their creditors over a period of time of up to five years. This process is completely supervised by the court. Your attorney will ensure that your interests will be p...
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