Chapter 13 Bankruptcy

If you have a steady income but are faced with overwhelming debt, Chapter 13 bankruptcy may be a way to repay your creditors. Find out more from this video.

Under Chapter 13, you pay some of your income to a bankruptcy trustee, who distributes it among your creditors. This payment plan lasts three to five years, giving you time to make up your debts. Chapter 13 is often preferred by those with large assets because, unlike Chapter 7, it does not require you to liquidate property in order to pay debts.