Secured Debts in Chapter 13 Bankruptcy

In Chapter 13, a debtor is generally entitled to keep his assets while repaying debts through a plan of reorganization. Amongst a debtor’s creditors there are different rights and priorities that affect the ownership of a debtor’s assets and the priority in which creditors get paid. Read further to learn more on how secured debt is handled in Chapter 13 bankruptcy.

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Who is eligible to file a Chapter 13 bankruptcy?

Chapter 13 involves some restrictions, but it has a very limited number of qualification requirements and most Americans are eligible to take advantage of Chapter 13 protection, if they need it. Click here for details on Chapter 13 eligibility requirements.

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Filing for Chapter 13 Bankruptcy

A Chapter 13 consumer bankruptcy is similar to a Chapter 7 in that it begins with the filing of a petition and sending notice to your creditors. Chapter 13 bankruptcies were designed to make repayment of debts easier for consumers, and therefore take somewhat longer. Your Chapter 13 plan will require that you pay your disposable income to the Chapter.

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