How Does Chapter 13 Bankruptcy Work?

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Chapter 13 bankruptcy is a complex process, but one that helps millions of people to reorganize their debt to make it easier to repay. The process involves approaching the federal court to determine if you can reorganize your debt in such a way to help you pay it down over the next 3 to 5 years. After this point, any debt you still have is discharged or forgiven.

 

When you meet with our team at Michael S. Fabinski Law to discuss Chapter 13 bankruptcy, we will talk about the benefits of this plan. It is one of the best ways to protect your assets from loss. It may also be an option for those who make too much money to qualify for traditional Chapter 7 bankruptcy. For many men and women, this can be a significant change to your long-term financial health and credit.