Chapter 13

Reorganization Bankruptcy

If you make too much money or own too many assets to qualify for a Chapter 7 Bankruptcy there is still the option of applying for the reorganization bankruptcy. Know as Chapter 13, the reorganization bankruptcy can help you reorganize all of your debt to help get you out of bankruptcy and back into living your life.

The requirements for applying for Chapter 13, or often called the wage earners plan, include a regular source of income. Applying for this will allow you to pay back all or a portion of your debts within a time span of three to five years according to the situation you are presently in. Understanding that you have the option to apply for this will help your life out substantially and better yet, under this you are not required to pay back all of your debt! Think of the time over the years you would have had to work to repay your loans and all of the interest that would accumulate over that time. Applying for Chapter under the bankruptcy laws controls the amount that you have to repay and helps you reorganize your debts and better yet allow you to move on with your life.

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The money that you originally owe such on your mortgage, student loans, car loans, debts from credit cards are then consolidated into one payment. Based on how much you can afford is how they come up with the cost. This one payment is also interest-free and since it is consolidated there will not be any more hourly calls from the creditors saying that you owe money. You will also get to save your house from foreclosure and your other assets from repossession.

If you are looking for more information regarding Reorganization Bankruptcy I would highly suggest checking out Orlando Bankruptcy Attorneys.

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