Sacramento Bankruptcy: What Exactly is a Bankruptcy Filing Under Chapter 13 of the Bankruptcy Code?

A Chapter 13 bankruptcy is a reorganization which allows for interest-free consolidation with a three to five year plan to repay.  Chapter 13 protects you from creditors, who cannot collect from you and are required by law to accept and implement the court-ordered terms.

An important concern for Chapter 13 bankruptcy is the requirement that you have a consistent source of income.  Otherwise, the court will not approve the plan.  Your income must be sufficient to both pay monthly living expenses and to make payments to the court for your plan.

Student loans, auto loans, credit card debt, and other unsecured debt are a sample of what can be consolidated under a Chapter 13 plan.  In fact a Chapter 13 bankruptcy can consolidate all outstanding debts.  Sagaria Law’s Sacramento attorneys look forward to the opportunity to speak with you about Chapter 13 options.

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