CHAPTER 13
by NCLC
Chapter 13 is a type of “reorganization” used by individuals to pay all or a portion of their debts over a period of years using their current income. In a chapter 13 case you file a “plan” showing how you will pay off some of your past-due and current debts over a three to five year period. The most important thing about a chapter 13 case is that it will allow you to keep valuable property — especially your home and car — which might otherwise be lost, if you can make the payments which the bankruptcy law requires to be made. In most cases, these payments will be at least as much as your regular monthly payments on your mortgage or cart loan, with some extra payment to get caught up on the amount you have fallen behind. You will need to have enough income in chapter 13 to pay for your necessities and to keep up with the required payments as they come due.

Kurt O’Keefe, Esq.

OFFICES IN WAYNE, OAKLAND AND MACOMB COUNTIES

Phone:  313-962-4630

Fax:  313-216-2999

email kurt@stopcreditor.com