Wage Earner Bankruptcy
How Does Chapter 13 Bankruptcy Help Me Keep My Home & Stop Foreclosure?
Chapter 13 Bankruptcy, also known as the wage earner plan, allows debtors to set up a three to five year creditor repayment plan. As a debtor, you don’t repay all of your debt but you pay a portion of your disposable income to the creditors. The goal for debtors in a Chapter 13 Bankruptcy is to repay to creditors as little as possible each month. Chapter 13 Bankruptcy uses calculations to determine the amount of your plan payment and the length of your plan. It can be up to five years or 60 months.