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Chapter 13 bankruptcy, sometimes known as a Wage Earner Plan, is a different type of bankruptcy that allows the debtor to keep most all of their property if they will be willing to repay creditors to the extent they can afford to do so over a three to five year period. A bankruptcy attorney at Gopal & Pedigo, PC can help you decide if consolidation is your best option.
Chapter 13 of the Bankruptcy Code is designed to enable individual debtors under court protection and supervision to apply a portion of future earnings to the payment of all or a portion of their debts over an extended period of time. The debtor is protected from creditors by an automatic stay while a plan of repayment is developed and carried out. It is similar to Chapter-11 Business Reorganization. In fact, Chapter-13 is sometimes called “Consumer Debt Adjustment“.
Chapter 13 was intended to give the wage earner a reasonable opportunity to arrange installment payments out of future income so that creditors would receive more money than they otherwise would receive in liquidation. If you are even thinking of Bankruptcy, contact a bankruptcy attorney for your FREE debt evaluation.