Chapter 13 Bankruptcy

Chapter 13 bankruptcy requires that you have a regular source of income in order to fund a repayment plan.  The repayment plan in a chapter 13 bankruptcy is your proposal to the Bankruptcy Court as to how you are going to pay back part, or all, of your debts over the Chapter 13 plan timeline, usually 3 to 5 years.

Most debtors file a chapter 13 bankruptcy when they do not qualify under the means test to file chapter 7 bankruptcy.

How much, or what percentage, of your debts that are paid back under a chapter 13 bankruptcy plan is generally dependent on how much you earn, how much you owe, and what your unsecured creditors would have recieved had you been eligible to file a chapter 7 bankruptcy.

As with chapter 7 bankruptcies, debtors have choices when it comes to secured debts under chapter 13 bankruptcy which can include returning the property to the creditor or keeping the property under terms of the plan, which may include making up payments immediately or over time.

Contact my office at (614) 461-8080 to schedule an appointment to speak with a Columbus, Ohio bankruptcy attorney ready to assist you with a chapter 13 bankruptcy filing.