What is Chapter 13 Bankruptcy
What is Chapter 13
Chapter 13 is the type of Bankruptcy that you would use if you don't qualify for a Chapter 7,
If you have over exempt assets that you want to keep or if your income is too high, you may be eligible for a Chapter 13.
In a Chapter 13 you will be making payments for 3 or 5 years, according to what you can afford. Sometimes if you have too much excess income then you may have to pay all the creditors during the 3 to 5 year period.
On the other hand, if your income is not that high but higher than the living standard cost in Florida, you will only have to pay that excess portion. this means that in many Chapter 13 cases , you will pay little too the creditors, and at the end of the Plan any deficiencies are wiped out.