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Chapter 13 Bankruptcy

Attorney Richard E. Sexner has helped thousands of clients and you can trust that he will competently handle your filing and guide you through this complicated process.

Chapter 13 Banruptcy Laws and Repayment Plans

Under a Chapter 13 bankruptcy proceeding, your debts are restructured to enable you to pay off your creditors with your future earnings. More of your assets can be retained under Chapter 13 than under a Chapter 7 bankruptcy.

A bankruptcy trustee is appointed by the court to supervise your assets. A plan of debt repayment will be devised for you.

Depending on your income you will be held liable for all or just a portion of your debts. You will pay them off with no interest charges over a period of time, usually three to five years.

You will be allowed to keep enough of your income to cover your basic living expenses such as food, clothing, and shelter.

What About My Home and Car?

You will be able to keep your home if you abide by the repayment plan. If your home is presently in foreclosure, a Chapter 13 filing will stop the foreclosure prior to the sale and allow you to repay your mortgage payments that are currently in arrears.

You will still be obligated to make all future mortgage payments directly to the mortgage company but they may not foreclose to collect any outstanding mortgage payments.

Under a Chapter 13 bankruptcy a finance company cannot repossess your vehicle. The remaining debt owed on your car will be consolidated into your monthly payment.

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