Sacramento Bankruptcy: What Else Should you Know When Thinking About Chapter 13?

There are several things Sacramento residents should know to consider if Chapter 13 is right for them.  Chapter 13 does require some repayment to creditors, through a repayment plan.; however, a substantial portion of your debts can still be discharged.  Chapter 13’s primary purpose is the reorganization of secured and unsecured debts.  Assuming successful completion of the repayment plan, most debt which is not paid off is discharged.  Several factors affect how much debt must be repaid, and contact a Sagaria Law firm of Sacramento to schedule an appointment to learn more.

Even though Chapter 13 bankruptcy has a repayment plan, in general, unsecured creditors who don’t receive full payment will lose their right to collect on remaining balances. 

Repayment plans are scheduled in duration according to needs of the debtor and can range from 36 to 60 months.  Plans are administered by a Trustee and are enforced by law.  Creditors are paid by the trustee according to the Chapter 13 plan once it has received approval by the judge.  Creditors have the opportunity to file a claim in the amount of the debt owed following the Chapter 13 filing.  Learn more by calling one of our Sacramento attorneys for an initial consultation. 
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