All About Chapter 13 Bankruptcy

Also known as individual debt adjustment, Chapter 13 is part of the U.S. Bankruptcy Code that helps an individual with a steady income manage and take care of outstanding debt. This form of bankruptcy allows for a person to make a “wage earner’s plan” to develop a repayment strategy to help get rid of debt.

Even for a steady wage earner, keeping your head above the waters of debt can be difficult and disheartening. If you are being hounded by pesky creditors and need time to devise a repayment plan, Chapter 13 could be for you. For help with your bankruptcy filing, contact the experienced New Orleans bankruptcy lawyers of Kervin & Young. Call 504-599-5906 to speak with an attorney today.

How Chapter 13 Works

This type of bankruptcy is good for someone who knows that he or she will likely be able to pay off debts eventually, but needs some time to achieve this goal. If your petition for Chapter 13 bankruptcy is approved by the court, debt collection against you can be frozen in order to give you time to develop a repayment plan. This will allow you an average of three to five years to pay off your debt, depending on your income level.

Chapter 13 offers several benefits over filing for Chapter 7 bankruptcy. First, you have a greater chance of protecting your assets from foreclosure. In addition, you can reschedule your payment plan and extend it to give you more time.

Because filing for bankruptcy involves lots of paperwork that you must file with the court, it can quickly get confusing. Thus, if you or someone you know is considering bankruptcy, you should talk to an experienced New Orleans bankruptcy lawyer to help you get your affairs in order.

Contact Us

For more information regarding Chapter 13 bankruptcy as well as other types of bankruptcy for which you may file, contact the New Orleans bankruptcy attorneys of Kervin & Young at 504-599-5906 today.