Filing for Bankruptcy under Chapter 13

Chapter 13 is that part (or chapter) of the Bankruptcy code under which an assisted person may repay all or a portion of his or her debts under the supervision and protection of the bankruptcy court. The Bankruptcy Code is that portion of the federal laws that deal with bankruptcy. A person who files under chapter 13 is called an assisted person. In a chapter 13 case, the assisted person (debtor) must submit to the court a plan for the repayment of all or a portion of his or her debts. The plan must be approved by the court to become effective. If the court approves the debtor’s plan, most creditors will be prohibited from collecting their claims from the debtor during the course of the case. The debtor must make regular payments to a person called the chapter 13 trustee, who collects the money paid by the debtor and disburses it to creditors in the manner called for in the plan. Upon completion of the payments called for in the plan, the debtor is released from liability for the remainder of his or her dischargeable debts.

Raoul D. Revord, Esq. and
Revord Law Offices, P.C.
N3253 Buckhorn Road
Wetmore, MI 49895
Phone:(906) 387-1655
Toll Free:(800) 642-3219
Facsimile:(906) 387-1675
email:rlo@jamadots.com