Chapter 13 Bankruptcy

Chapter 13 bankruptcy gives you a way to reorganize your debt while keeping your property. Instead of eliminating debts right away, you follow a structured repayment plan based on what you can afford. This option allows you to address financial obligations over time while maintaining stability in your day-to-day life.

Many people consider Chapter 13 when they need more flexibility than Chapter 7 provides or want time to catch up on certain debts. At Goodblatt · Leo, our attorneys help individuals understand how Chapter 13 works and how a repayment plan may fit into their overall financial situation.

A Structured Way to Reorganize Debt

With Chapter 13, you repay some or all of your debts through a court-approved plan. Your monthly payment is based on your income, expenses, and the types of debts you owe. The goal is to create a plan that works within your budget while addressing creditor obligations in an organized way.

You may consider Chapter 13 if you want to:

• Keep your home or other important property
• Catch up on missed mortgage payments
• Stop a foreclosure process
• Reorganize secured and unsecured debts
• Pay back taxes over time
• Address a second mortgage or home equity line of credit
• File for bankruptcy when Chapter 7 is not available to you

How a Chapter 13 Repayment Plan Works

Your repayment plan outlines how much you pay each month and how those payments are distributed to creditors. Some debts must be paid in full, while others may only be partially repaid depending on your financial situation. Most Chapter 13 plans last up to five years.

A budget is prepared to reflect your income and necessary living expenses, helping keep payments manageable. If your financial situation changes during the life of the plan, adjustments may be possible.

Eligibility for Chapter 13 Bankruptcy

To qualify for Chapter 13 bankruptcy, you must show:

• A regular source of income that supports your repayment plan
• Debt levels that fall within the limits set by federal law

Exemptions may also apply. These exemptions help determine how much certain creditors receive under your repayment plan and how your case is structured.

Experience You Can Rely On

Goodblatt · Leo brings years of experience representing individuals in Chapter 13 bankruptcy cases. You work with our attorneys who understand how to organize financial information, prepare repayment plans, and address issues that may arise during the process.

Chapter 13 cases often last several years. Having experienced attorneys who remain involved throughout your plan helps you stay informed and prepared.