Chapter 13 Bankruptcy allows individuals to reorganize their debt. Many individuals file Chapter 13 either because they are unable to file Chapter 7 or because they are attempting to repay the arrears on a secured debt, such as a car or home, in order to maintain possession of the property. Individuals utilizing this Chapter of bankruptcy can repay the arrears over a period of 3-5 years while immediately becoming current on the property in question. In this chapter, unsecured creditors are repayed none, some or all of what is due.
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