Williamson & Williams - Attorneys at Law - Media, PA

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Home » Chapter 13 Bankruptcy

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is known as a reorganization bankruptcy, described in the Bankruptcy Code as “Adjustment of Debts of an Individual with Regular Income”.  The debtor keeps the property but must pay their debts according to a payment plan over a 3-to 5-year period. The time period is based on a comparison between your average monthly income for the six-month period prior to the filing date of your bankruptcy petition and the median income for your state. The median income for your state is published on the U.S. Trustee’s website. (see Resources).

 

The repayment plan distinguishes a Chapter 13 from a Chapter 7, because, under a Chapter 7, the debtor’s debts are wiped out but they must give up some property to the Bankruptcy Trustee, who will use the property to pay debts.

 

In order to qualify for Chapter 13 bankruptcy reorganization, the debtor must prove to the court that they can finance the plan. They must have enough income to meet the payment plan but not so much debt that repayment might not be possible.  If the debtor’s plan is not confirmed, the debtor may file for Chapter 7 bankruptcy.

 

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Contact Information:

323 E. Front Street
Media, Pennsylvania 19063

(610) 565-8909

Office hours by appointment

Practice Areas

  • Real Estate
  • Short Sale or Deed in Lieu of Execution
  • Mortgage Problems
  • Mortgage Loan Modification
  • Mortgage Foreclosure Defense
  • Business Law
    • Incorporation or Organization as a Limited Liability Corporation (LLC)
    • Business Succession
    • Mergers and Acquisitions
    • Business Counseling & Advice
    • Contracts & Commercial Transactions
    • Business Litigation Representing Plaintiffs and Defendants
  • Construction Law
  • Bankruptcy
    • Bankruptcy FAQ’s
      • Bankruptcy – What it is and What it can do for You
      • What is the Automatic Stay and How Does it Protect You from Your Creditors?
      • Is Bankruptcy the Right Solution?
      • What are Exemptions and How do they Help You to Keep Your Property?
      • What is Property of the Estate”?
      • What are Debt and Creditor Classes?
    • Chapter 7 Bankruptcy
    • Chapter 13 Bankruptcy
  • Consumer Debt
  • Credit Card & Other Debt Collection Defense
  • Wills, Living Wills, Powers of Attorney, Estate Administration
    • Why You Need a Will
    • Wills & Estate Planning
    • Will Probate and Estate Administration
    • Durable Power of Attorney
    • Living Will – Health Care Power of Attorney
  • Welcome
  • Terms and Conditions
  • Privacy Policy

Williamson & Williams, PLLC is a debt relief agency. We help people and businesses file for relief under the Bankruptcy Act.

The material on this website has been prepared by Williamson & Williams, PLLC, for informational purposes only.

This material does not constitute legal advice and does not create any attorney-client relationship between you and Williamson & Williams, PLLC.

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