25% Of Cases Are Chapter 13 States Westchester Bankruptcy Lawyer

So Chapter 13 cases make up 25 percent of all bankruptcy cases. This is where the debtor repays either all or a portion of the debt over time, paid to a Chapter 13 trustee in guaranteed funds.  The Chapter 13 trustee then disburses to the creditors a little bit per month over time.  Once the Chapter 13 case is confirmed, meaning accepted by the trustee and the court, it is solid.  So if the payment plan being proposed is $1,000.00 per month and it goes through to confirmation, that $1,000.00 per month will be the plan payment, and that will continue for the duration of the case until it goes to a discharge.  A discharge is the elimination of the debt for either all or a portion under Chapter 13, and the debtor is free at that point to incur new credit and go on with their life in the future. 

See also Westchester Bankruptcy Lawyer or call (847) 520-8100.