Chapter 13

Description

Chapter 13 debt reorganization is a voluntary reorganization of debt available to individuals. Chapter 13 was established by Congress pursuant to Title 11 of the United States Code. To qualify for Chapter 13 debt reorganization, a person must have a steady source of income in which to make monthly payments to the Chapter 13 Trustee. Chapter 13 allows an individual to reorganize their debt by devoting a minimum of three years, and a maximum of five years, of monthly disposable income in the repayment of their debts. The goal of Chapter 13 is to provide the individual with a fresh financial start but also to maximize the payment to creditors.

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