Chapter 13 bankruptcy is sometimes referred to as “reorganization” or “wage earner’s bankruptcy”. Filing Chapter 13 bankruptcy allows for an adjustment of debts for people with enough disposable income to repay some of their debt. Chapter 13 allows a person to keep property and repay debts over time, typically for a minimum of 3 years and up to 5 years, by making a monthly payment to the court.
For example, if you have fallen behind on payments on your home or car, Chapter 13 bankruptcy allows you to catch up on those missed payments over the course of your bankruptcy plan without losing your property.
For more information about selecting a Chapter 13 bankruptcy attorney, call or email us to get a free legal consultation. If you’re filing Chapter 13 bankruptcy in Kansas or Missouri, the Law Offices of Peter A. Jouras, Jr. is your best choice to help you with this important decision.