Chapter 13 Bankruptcy

What property can one keep if one files a Chapter 13 Bankruptcy?

In general, you can keep all of your property in a Chapter 13 Bankruptcy.

How much do creditors receive in a Chapter 13 Bankruptcy Plan?

  • The debtor must devote all of his/her available income, after paying normal expenses, to the plan for at least 36 months.
  • The creditors must receive at least as much money in Chapter 13 bankruptcy as they would have received in a Chapter 7 bankruptcy.
  • Secured creditors are either brought current or paid off during the bankruptcy plan, or the collateral is given to the creditor.
  • Priority claims such as most taxes and back child support must be paid in full.

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