Personal Debt Reorganization

Rather than liquidating your property, Chapter 13 allows you to reorganize your debts under a Court supervised repayment plan based on your monthly disposable income. The repayment plan will be three (3) to five (5) year plan (determined on your income). With Chapter 13, you can usually keep your high value non-exempt property, but you must earn wages or have a regular income source and you must agree to pay part of your income to your creditors through the court approved and supervised Chapter 13 Plan.

Once your Chapter 13 Plan is approved by the Court, a single monthly payment is made to the trustee who in turn pays your creditors. Often you can pay your mortgage outside of the plan (i.e. not through the trustee). Provided all payments are made and you comply with all terms of your Chapter 13 Plan you receive a discharge of the remaining balance of your unsecured debts at the end of the plan.

Chapter 13 may assist you to stop foreclosure of your home or stop a repossession of a car after missing one or more payments, or if you have substantial value of non-exempt assets you would like to keep. We can guide you through the Chapter 13 process and help you gain peace of mind and a fresh start while keeping your secured non-exempt property.

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