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Chapter 13 Bakruptcy

Chapter 13 Bankruptcy is a form of interest-free debt consolidation where you pay the bankruptcy trustee every month for three to five years and he pays your creditors some percentage of what you owe them. At the end of the term of the rest of your remaining debts are forgiven It is appropriate for debtors who have non- exempt assets they wish to keep, or exempt assets for which the payments are in arrears, or who earn at least the median income.

Another benefit of Chapter 13 is the opportunity to pay considerably less than what you currently owe for a vehicle you have owned for at least 2-1/2 years - you only have to pay the current fair market value of the vehicle,. The rest of what you owe is unsecured debt ... and like your credit cards, forgiven.

 

Brian Whitaker, Esq.

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Lifeline Legal, LLP • 9665 Chesapeake Dr. Suite 455 • San Diego, CA 92123 • 877-465-4335
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