The Chapter 13 Repayment Plan
Chapter 13 bankruptcy does not absolve you of your debts. Instead, it gives the chance to reorganize your finances and repay your debts over a set period of time. Restructuring your debt means making regular payments to an appointed trustee over the course of 3 or 5 years until your debts are settled.
Following a repayment plan can make it possible to finally pay off your debts. To find out more about Chapter 13 bankruptcy, contact the West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates, P.A. by calling 561-353-2800 today.
What Does Restructuring Entail?
A repayment plan is a great way to begin working towards a debt-free future while learning valuable skills and tools for money management. The basic steps include:
- Develop your plan. It will need to detail your current financial situation including income, amount of debt owed, and number of dependents you have. The time period for payment can be 3 or 5 years, depending on your personal case. Many people choose to pay debts off as soon as possible to free themselves from the pressure of debt.
- Determine the amount of your payment. Repayment can vary from 10% to 100% of the original debt owed – again, this will depend on your financial situation.
Your repayment plan, while it may sound difficult at first, should be viewed with a positive light. It can be the key to a brighter future for you and your family.
Contact Us
To find out more about restructuring, contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates, P.A. by calling 561-353-2800 today.
