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July 25, 2015 | CHAPTER 13 BANKRUPTCY: WHAT IS IT? CAN I CHANGE THE PLAN AFTER I HAVE FILED?

UNDERSTANDING CHAPTER 13 BANKRUPTCY Chapter 13 of the United States Bankruptcy Code allows the debtor to use his or her income to pay some or all debts that are owed to creditors. It includes a payment plan that lasts for three to five years which lays out how much and how you will pay off your debts. The specific length of the bankruptcy will depend on the size of the filer’s income and debts. Before you can go forward, you will need to have the court approve your payment plan. MODIFYING YOUR PAYMENT PLANS There

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