Why Filing For Chapter 13 Bankruptcy May Be a Better Option for You

Circumstances May Favor Chapter 13 over Chapter 7 Chapter 13 Bankruptcy May Be a Better Option and is a form of consumer bankruptcy that requires some form of repayment to creditors over a three to five year period. Most consumers that we meet in our Oregon and Washington offices  come in believing that Chapter 13 is a repayment plan that will require them to pay everyone back over a certain period of time. In fact that is rarely if ever the case. While some debts may have to be paid in full, though usually at reduced interest rates, others can usually be written off and paid nothing. When then is Chapter 13 the appropriate form of bankruptcy?   Chapter 13 Is Appropriate In Seven Main Circumstances 1) Ability to Pay: If a review of your income and expenses reveals that you can afford to make some form of monthly payment to your creditors, you may be required to file Chapter 13 rather than Chapter 7. Your monthly plan payment would roughly equal the amount that…

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