A Chapter 13 is a reorganization, which involves a payment plan. A formula based on income, expenses and assets determines the length of the Chapter 13 plan, typically 3 to 5 years, and the amount of the monthly plan payment. At the end of the plan, if the debtor has complied with all requirements set forth in the plan and by the court, the debtor receives a discharge.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.