Chapter 13 bankruptcy allows you to keep all of your property, but you are required to pay back all of your debts over a three to five-year period. This type of bankruptcy is known as “reorganization” bankruptcy. All of your debts are consolidated, and you are obligated to pay them through a court-approved repayment plan.
Chapter 13 bankruptcy isn’t for everyone. It’s only for people who can handle consistent payments. You’ll have to prove to the court that you can manage to make payments over the three to five-year period. Completed Chapter 13 bankruptcies remain on credit reports for seven years.
I am here to help individuals and families in Medway, Milford & Framingham, MA with Chapter 7 and Chapter 13 bankruptcy law issues. Contact Kevin Tagliaferri, Attorney at Law today at 508-533-1600.