Bankruptcy Chapters 13
Under Chapter 13, the debtor proposes a plan to pay
their creditors over a 3-to-5 year periods. This written plan details
every repayment that will occur. Repayment begins 30-45 days after a
case is started. While the debt is not discharged as in a chapter 7
bankruptcy, the creditors tend to end up with less money than they
would, were the amount given to the debtor to continue collecting
interest.
The advantages of Chapter 13 over Chapter 7 include the ability to stop
foreclosures, the possibility of discharging some debt not allowed under
Chapter 7, and overall to allow income-receiving debtors a way to
rehabilitate under a court approved plan.
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