What is Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy is a good option for the consumer who has an income and desire to pay off their debtors. Chapter 13 Bankruptcy allows the consumer to keep their property and pay back their debts interest-free over a period of time. During the repayment period of the bankruptcy creditors must follow the agreed upon plan and are not allowed to pursue collection in any other manner. Creditors do not have to agree with the repayment plan, but must follow whatever the court and consumer agree upon. The courts do, however, allow the creditors to file an objection if the creditor believes there is a problem with the court order. More info: chapter 13 bankruptcy Winter Garden

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