Chapter 13
Reorganization
In a Chapter 13
case you file a "plan" showing how you will pay down
or pay off your debts over three to five years. Chapter 13 will allow you
to keep property - like your home or car - even if you are behind on the
payments.
You should consider filing a Chapter 13 plan if you:
- Are in danger of losing your home or car because you are behind on your
payments;
- Are behind on debt payments, but can catch up if given some time; or
- Have valuable property which is not exempt, but you can afford to pay creditors
from your income over time;