Chapter 13 bankruptcy is often referred to as “reorganization bankruptcy” because it allows the debtor to restructure debt and pay creditors. Unlike other bankruptcy chapters, Chapter 13 bankruptcy allows for a wider range of debts to be included and is designed to resolve debts through one payment a month. In a Chapter 13 filing, you can restructure secured debts like a mortgage or car loan; and may even be able to include priority debts like taxes or student loans.
Filing for Chapter 13 bankruptcy is a great repayment tool that can even eliminate penalty fees and high interest rates associated with the account. One of the best things about a Chapter 13 bankruptcy is the individualized payment plan, which is based on your unique financial profile. Unlike a Chapter 7 bankruptcy, Chapter 13 is open to just about any income level and tailored to an amount you can afford.
Your first step in the debt relief process through Chapter 13 is representation then education. Allow one of our Chapter 13 attorneys to answer your questions and guide you through the process. Call us at (937)240-0344 or you can email questions to us at Questions@DebtFreeOhio.com
You can also find more helpful information about Chapter 13 bankruptcy in the videos below: