In Chapter 13 you will pay a payment plan for a period of three to five years will depend  on the income received in your home and family expenses and the criteria established by law. With this plan you can pay your mortgage arrears and self and debts are not released in a bankruptcy. The most important of this chapter is allowed to retain their property more valuable than allowed in a Chapter 7 because they are not exempt, for example, your home and car if your income allows you to pay this extra cost into the plan. You must have sufficient income to meet their needs and pay the required payments as due. If you have a mortgage loan has to continue with prospective payment, the mortgage bank is obligated to accept payments and collect the backlog in the payment plan.

You should consider using Chapter 13 if:

  • You own (a) of your home and there is danger of losing because of financial difficulties.
  • Behind on payments but can pay if he is allowed some time.
  • Have valuable property which is not free but can pay your creditors with your income if you have time.
  • Interest to protect co-debtors (may be the boss at work or a friend or close relative).
  • When we understand that there are other important reasons, you must get professional help or advice.

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