Jefferson County Alabama plans to exit its bankruptcy
paying only $100 million of $4.2 billion of its debt.
Can You Get This Deal? Pay 2% of Your Debt?
Well, like I always say, it depends.
Chapter 13 bankruptcy allows an individual, so long as you owe less than the debt limit, to pay a percentage of what you owe unsecured creditors, over time.
So, NOT for corporations or partnerships, or other legal entities. Just for people.
And, people who have regular income. Does not have to be a job, could be social security or some other payment, so long as it is regular.
And, you have to owe less than a certain amount. The Chapter 13 debt limits are changed periodically, with inflation.
How Much Do I Have To Pay In Chapter 13 Bankruptcy?