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How Chapter 13 bankruptcy works

When people are facing the challenges of dealing with ongoing financial problems, one of their best options may be to file for bankruptcy protection in Ohio.

Bankruptcy can help people to escape the pressures of being in debt and allow them new opportunities to rebuild their financial health. 

According to the Internal Revenue Service, Chapter 13 bankruptcy allows people to have the chance to reorganize their debt in a way that will allow them to pay back all or a portion of their debts to creditors as part of a repayment plan while protecting them from lawsuits, judgments and garnishments.

Developing a repayment plan

The Chapter 13 repayment planChapter 13 repayment plan lays out the terms for how you will resolve your debt. It is based in part on what you owe, what you earn and what needs to be paid, such as mortgage arrears or tax obligations.

You can work with your attorney to develop a repayment plan that works for you. There are several ways a repayment plan can be structured for individuals.

The plan is part of your bankruptcy petition and must be approved by a trustee of the U.S. Courts. Once approved you will make payments to the U.S. trustee who will disperse the payments to creditors according to your plan. 

Chapter 13 plans may last between three to five years.

Determining whether a Chapter 13 is right for you can be hard. It is highly recommended that you consult with an experienced bankruptcy attorney who can advise you about what bankruptcy, if any,is right for your unique circumstances.

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