Chapter 13 Reorganization

Chapter 13 bankruptcy case is a reorganization proceeding available to individuals with regular income whose debtors are less than proscribed debt limits (secured and unsecured). In chapter 13 cases, the debtor's assets are not liquidated. Instead, the debtor pays his debts, in whole or in part, through a plan that must be confirmed by the court in accordance with specific statutory criteria.


A debtor is chapter 13 remains in control of his or her assets. A trustee, however, is appointed. The debtor pays the trustee, who makes payments to creditors pursuant to the repayment plan confirmed by the bankruptcy judge. Debtors would obtain a discharge of personal liability from most debts. The chapter 13 discharge is typically available only after the debtor has made all of the payments specified in the plan. Source: American Bankruptcy Institute.


Warmest Regards,

Bob Schaller


Your Bankruptcy Advisor Blog
By: Attorney Robert Schaller (Bob's bio) of the Schaller Law Firm

Bob is a member of the National Bankruptcy College Attorney Network, American Bankruptcy Institute and the National Association of Consumer Bankruptcy Attorneys.

I encourage you to SUBSCRIBE to this blog by completing the box to the right of this post so you will automatically receive future blog postings. Next, you can review past and future blogs at any time by clicking the "archive" link in the column to the right of this posting. Plus, you are invited to submit a question by utilizing the "question" box in the column to the right of this posting.


For information about Chapter 7 bankruptcy Click Here

For information about Chapter 13 bankruptcy Click Here

You are invited to contact Attorney Schaller at 630-655-1233 or visit his website at http://www.schallerlawfirm.com/to learn about how the bankruptcy laws can help you.

NOTE: Robert Schaller looks forward to the opportunity to talk with you about your legal issues. But please remember that all information on this blog is for advertising and general informational purposes only. Please read Bob's disclaimer.

I recommend that you review a few other blogs that may be of interest to you. These blogs are identified in the right column and are set forth below: bankruptcy issues blog; bankruptcy and family law issues blog; bankruptcy and employment issues blog; and bankruptcy and student loan issues blog.