Reorganize Debt & Protect Your Home
Chapter 13 bankruptcy is designed for individuals who have regular income but need time to catch up on debts. Rather than eliminating debts immediately, Chapter 13 creates a structured repayment plan lasting three to five years.
Why Choose Chapter 13?
Chapter 13 may be appropriate if you:
- Are behind on mortgage payments
- Want to prevent foreclosure
- Have non-exempt assets you want to protect
- Need to repay tax or priority debts over time
How the Process Works
You propose a repayment plan based on your income and expenses. Once approved by the court, you make monthly payments to a trustee, who distributes funds to creditors.
Key Advantages
- Stop foreclosure proceedings
- Catch up on missed mortgage payments
- Consolidate debts into one payment
- Protect valuable property
For homeowners in Aberdeen who want to keep their property, Chapter 13 can be a powerful tool.
