What Does chapter 13 bankruptcy attorney Mean?



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When you've got a house or other assets, you could preserve it underneath a Chapter thirteen bankruptcy approach. On the other hand, you will have to get ready a payment plan to pay off your debts. This repayment program may consider among 3 and 5 years to accomplish.

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Your attorney will determine no matter whether you move the Chapter seven means test and are suitable for Chapter seven. A Chapter thirteen bankruptcy calls for the debtor to post a proposed repayment approach for courtroom acceptance to pay debts owed to creditors within a few to five years. To qualify, you must have helpful site enough monthly profits to keep up with the repayment program and in addition cover residence expenditures. Chapter thirteen is the commonest type pop over here of bankruptcy safety sought in Fredericksburg and Spotsylvania County. A trustee will oversee the disbursement of payments to creditors and problem a discharge of financial debt when you complete the repayment prepare.

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