Chapter 13 Bankruptcy Payment Plans

Unlike a Chapter 7 bankruptcy, a Chapter 13 bankruptcy offers an individual the opportunity to pay back a portion of, or all of, their creditors through a payment plan agreed upon by the individual, the attorney, and the bankruptcy Trustee.  Payment plans are constructed by the individual and the attorney based upon the filer’s income level, monthly budget, and level of debt to be repaid.  It should also be noted that Chapter 13 bankruptcies are often viewed as more favorable by future creditors as it shows a willingness to pay back a portion of one’s obligations.  

To find out if a Chapter 13 bankruptcy would be right for your circumstances, it is recommended to set up a consultation with a local bankruptcy attorney.