Is Chapter 13 right for you?

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 Posted February 17th, 2015 under Bankruptcy and Taxes

Determine if chapter 13 is the right bankruptcy option.

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Chapter 13 is an alternative to chapter 7, and is designed for people with a regular income, who want to pay off their debts, but need a certain amount of time to do so. In chapter 13, debtors repay their creditors either in full, or in part, over a period of up to three years. In some cases, you could repay your creditors over five years. Anyone can apply for chapter 13 bankruptcy if their debts are less than $269,750, and their secured debts are less than $807,750. However, corporations, partnerships, and those who have had a bankruptcy petition dismissed in the past 180 days cannot file under chapter 13.

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