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Title : Drafting a Chapter 13 Repayment Plan
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Drafting a Chapter 13 Repayment Plan

Chapter 13 bankruptcy is a restructuring bankruptcy, one in which you use a portion of your income to pay off your debts over a set period of time. Unlike other forms of bankruptcy (such as Chapter 7), in which property is liquidated and the profits used to pay off debts, restructuring bankruptcy protection allows you to keep the majority of your possessions. As long as you keep making your payments in accordance with your agreement, you will be able to keep your property.

The key to any Chapter 13 filing is the repayment plan that you make for it. The terms of this plan will determine how successful you will be at overcoming your debt. Because of the complexity of the plan and how important it is to you, your family, and your future, it is vital to know that you've crafted an arrangement that is both aggressive enough to ensure that you get out of debt on time, but realistic enough that you are able to consistently make the payments.

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