Lefkovitz & Lefkovitz
Nashville Office 615-686-2279 Cookeville Office 931-400-2218
Serving all of Middle Tennessee's Bankruptcy Needs

Consider Chapter 13 when you want to repay, not discharge, debts

In our last post, we discussed all the various types of debts that can be wiped out when a person files for Chapter 7 bankruptcy. It is a very effective way to deal with unmanageable debt, but it is also quite aggressive.

For people who are looking for a less severe type of bankruptcy or are dealing with smaller amounts of debt, Chapter 13 could be a good option. This is because people who file Chapter 13 bankruptcy repay debt rather than have it discharged.

According to the Bankruptcy Code, people who file for Chapter 13 bankruptcy protection work to develop a repayment schedule which is then considered by creditors. With an approved plan in place, debts will be repaid in five years or less.

If you are considering your options for managing debt, you may want to pursue Chapter 13 bankruptcy if you:

  • Are employed and earning a steady income
  • Have less than $383,175 in unsecured debts and less than $1,149,525 in secured debts
  • Want to keep your property, including your house
  • Can make regular payments
  • Have received credit counseling prior to filing bankruptcy

People who fit these criteria can be strong candidates for Chapter 13 bankruptcy and it can be a good option for people who have the means of repaying debut but need more time to do so. It is important to remember that filing for any type of bankruptcy protection is a very serious decision that should not be made lightly and without adequate preparation and knowledge. Discussing your financial situation and debt relief options with an attorney can be a crucial step in tackling debt and taking back control over your finances.

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Nashville Office
618 Church Street, Suite 410
Nashville, TN 37219

Phone: 615-686-2279
Fax: 615-255-4516
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Cookeville, TN 38501

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Fax: 931-526-6244
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