A Guide to Chapter 13 Bankruptcy –
With a million questions. The video looks at the basic information on how to file for bankruptcy so you can make educated decisions that will secure your financial security.
The original chapter 13 bankruptcy statute was enacted by Congress to ensure the dignity of debtors as well as provide the best return for the creditors.
Chapter 13 bankruptcy begins with an outline outline that details the method by which debtors are expected to pay off their debts within three to five years. The trustee will help them in paying their outstanding debts.
A big benefit to chapter 13 bankruptcy is that it gives the debtor more flexibility. While the debtor will need to comply with certain regulations and work with creditors over final payments however, they still have the ability to dictate how much.
Chapter 13 bankruptcy also permits creditors to maintain ownership over property while they pay off the debts. This is different from chapter 7 bankruptcy which requires the debtor has to give up the assets they own.
To learn more about chapter 13 bankruptcy law, and how they might benefit you, click on the link to the video above.