Home » What Is Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy Offers A Manageable Repayment Plan, Not Asset Liquidation

Some individuals who have fallen behind on house and car payments, and are facing foreclosure or repossession simply need time to repay back payments or restructure the debt over a new period.

So, instead of liquidating eligible assets to pay for unsecured debt in a Chapter 7 bankruptcy, a Chapter 13 bankruptcy allows you to restructure your debts and create a payment plan. In Chapter 13, you will pay a monthly payment typically over a three- to five-year period.

Instances When Filing A Chapter 13 Is Advised

In general, Chapter 13 bankruptcy is a good idea if you:

  • Are in danger of losing your home due to missed payments, multiple mortgages, missed payments toward land taxes and property insurance or competing debts
  • Cannot keep up with your debt payments, but could catch up if given time
  • Wish to keep property that is more valuable than you could keep under Chapter 7 bankruptcy exemptions

Helping You Control Your Assets And Future

I am April Perry Randle, a Chattanooga, Tennessee, bankruptcy attorney, and have helped hundreds of individuals find relief with Chapter 13 bankruptcy. If you are struggling with any type of debt, I am happy to discuss your financial issues candidly and openly without judgment. If Chapter 13 is a good option, together, we will work side by side during every stage of the process until discharge.

More About How Chapter 13 Works

My office will develop a repayment plan that we propose to your creditors on your behalf. This repayment can span over a five-year period if needed. Additionally, Chapter 13 typically lowers or eliminates interest rates and sometimes allows you to pay less than what is owed to the creditor while still eliminating the balance at the end of the repayment plan.

One of the greatest advantages of a Chapter 13 versus a Chapter 7 is that it may allow you to protect and keep all your property, even if you have items that are worth more than what you would be allowed to retain if you filed a Chapter 7.

Schedule A Consult Today

I invite you to contact me online or by calling 423-464-6908 to schedule a free consultation for consumer bankruptcy. We can discuss issues involving foreclosure, car repossession, rebuilding credit and more.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.