In
Chapter 13 bankruptcy, individual debtors with a regular income can gradually
pay off their debts over several years. The advantage of Chapter 13: you will
be able to keep your money and property, especially your home, which can't be
foreclosed during this process.
However,
you can't file Chapter 13 if your debts are above certain limits, or if you've filed
for bankruptcy in the recent past. You will also have to undergo credit
counseling prior to filing.
To
start the Chapter 13 process, you will need to file a petition, describing your
finances, with your nearest branch of bankruptcy court. It's important to know
that Chapter 13 bankruptcy may take years to resolve as you gradually repay
your debts.
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