If you are facing financial challenges, then you might want to consider bankruptcy. There are a couple of different kinds of bankruptcy, and chapter 13 is one example. In this article, we are going to look at chapter 13 bankruptcy.
In chapter 13 bankruptcy the person who is applying for bankruptcy is required to create a repayment plan to pay back the debt. The court must decide if the person who is applying is willing and able to follow the plan.
Chapter 13 also allows for the elimination of debts. This means that certain debts are forgiven under chapter 13 bankruptcy. This doesn’t mean that you are free from all of the debt, however, because you still have the repayment plan to worry about.
Businesses are not able to apply for chapter 13 bankruptcy, but the business owner can apply if they do so themselves and not under their business. Chapter 13 is used as a way for individuals to get out of their debt issues.
Overall, chapter 13 bankruptcy is a complicated issue. If you are facing financial trouble this might be the option for you. To get started in your bankruptcy journey you should do a little bit more research online to find an attorney who can help you.