Chapter 13 Bankruptcy

Unlike Chapter 7 bankruptcy, a Chapter 13 bankruptcy sets up a repayment plan to help you reorganize your debts. This is also known as “reorganization bankruptcy.” After the satisfactory completion of the repayment plan, which is generally between 3-5 years, any remaining debts are discharged.

There are many benefits in filing a Chapter 13 bankruptcy.  For one, a St Louis Chapter 13 bankruptcy can stop a foreclosure and allow you to enter into a reorganization plan which would protect your house.   Also, you may be able to reduce the interest rate on a car loan or other secured debt.  Filing for Chapter 13 bankruptcy allows you to retain property or other items which may not be protected under a Chapter 7 bankruptcy.

In a Chapter 13 bankruptcy, certain priority debts must be paid in full. Often, these include taxes, mortgage and car arrears. If you have fallen behind on any of these debts, filing a Chapter 13 bankruptcy can often protect you from these creditors attempting a foreclosure or repossession.

If you or your loved one is considering filing for St Louis MO Chapter 13 bankruptcy, it may help to speak with a St. Louis bankruptcy attorney at AKS Law. We can help you weigh your options and navigate the process if you decide to file. Contact us today for your free, initial consultation.