What is Chapter 13 in Bankruptcy?

Chapter 13 Bankruptcy is a debt payment plan that can allow you to keep your home, car, and other property while paying a portion of your unsecured debts (for example credit cards). The rest of the unsecured debts are discharged (eliminated).
A Chapter 13 filing allows you to avoid foreclosure if you keep current on your payments and pay any arrearage over the life of the Chapter 13 plan. An advantage over Chapter 7 is that some debts can be discharged in Chapter 13 but not in Chapter 7, for example, non-support debts to an ex-spouse. This process takes either 3 or 5 years.
Eligibility: You’re eligible if you have a regular income, unsecured debt of less than $336,900.00, and secured debt of less than $1,000,650.00.
If you need assistance with filing Chapter 13 Bankruptcy in the Boston area, call the Infinity Law Group at (617) 273-5110.