John Alan Eggers, Attorney at Law
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 Chapter 13
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    People filing Chapter 13 Bankruptcy are required to prepare a Plan to repay their debts in a three to five year period.   A person filing for Chapter 13 is legally required to disclose all of his or her debts and all of his or her property.

    The Chapter 13 Plan spells out what will happen with the petitioner's debts and property.   Different debts can be paid differently or even not at all.   The pettioner may also decide that certain property is not worth keeping if the balance owed on it is too much.   It is very important to prepare your Plan with a competent attorney to make sure it is appopriate for your situation.

    A person filing for Chapter 13 must have a source of reliable income that will allow him or her to follow the Plan.   When a person has a mortgage and wants to retain the house , it is necessary for that person to pay the future mortgage payments.   The mortgage arrears and any other debts are then consolidated into a payment that is usually payroll deducted.   A person can retain his or her property during the repayment period.