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A chapter 13 bankruptcy is also called a wage earneru2019s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Whether itu2019s bankruptcy, estate planning, or other legal matters, the Law Office ofu00a0 Clark Daniel Dray is here to help.u00a0For more information contact our bankruptcy lawyers and Call us at 303-622-0412.
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Chapter 13 Bankruptcy The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.) Chapter 13 Eligibility Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual’s unsecured debts are less than $360,475 and secured debts are less than $1,081,400. 11 U.S.C. § 109(e). Advantages of Chapter 13 Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. The debtor should consult an attorney to determine the proper treatment of secured claims in the plan. Contact Us The Law Office of Clark Daniel Dray - Golden 14143 Golden W Pkwy #100, Golden, CO 80401, United States contact@draylegal.com 303-622-0412 www.debtfreecolorado.com
