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Offering an alternative to chapter 7 bankruptcy

Chapter 13 bankruptcy allows individuals and sole proprietors to pay off their non-dischargeable debts over a period of three to five years. This type of bankruptcy allows you to keep the majority of your assets, so long as you agree to meet the monthly payments set by the court.<br>

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Offering an alternative to chapter 7 bankruptcy

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  1. Offering an Alternative to Chapter 7 Bankruptcy Chapter 13 bankruptcy allows individuals and sole proprietors to pay off their non-dischargeable debts over a period of three to five years. This type of bankruptcy allows you to keep the majority of your assets, so long as you agree to meet the monthly payments set by the court. There are several reasons why Phoenix residents elect to file for bankruptcy under Chapter 13. This type of bankruptcy can benefit those who: 1.Are ineligible for Chapter 7 bankruptcy: The means test for Chapter 7 bankruptcy will exclude many would be filers. If your income exceeds the limits for Chapter 7, Chapter 13 may provide the ideal alternative.

  2. 2.Possess non-exempt assets: Under Chapter 7, certain assets will be seized and sold to satisfy your debts. If you have considerable assets that are not exempt, and you do not wish to lose, Chapter 13 could better suit your needs. Further, if you risk foreclosure on your home but wish to save it, Chapter 13 can halt the foreclosure and allow you to salvage your mortgage. 3.Hold non-dischargeable debts: Not all debts can be discharged in a Chapter 7 bankruptcy. If the majority of your debts cannot be discharged, Chapter 7 will be of little use to you. Instead, you can restructure these non-dischargeable debts into a Chapter 13 repayment plan.

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