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Chapter 13

Chapter 13

Chapter 13 bankruptcy involves a 36- to 60-month repayment plan. Most individuals incorrectly assume that a Chapter 13 bankruptcy requires them to pay back all of their debts. This is generally not true. A Chapter 13, however, does require a monthly payment.

There are three basic reasons to file Chapter 13. First, if you are facing foreclosure, we can stop the foreclosure and save your home. Second, if a vehicle is facing repossession. By filing a Chapter 13 bankruptcy, we can stop the repossession process and usually lower the vehicle payment. Third, if an individual's earnings are high enough that they do not qualify for Chapter 7 under an income test — called the Means Test.

Generally, the only debts paid in a Chapter 13 bankruptcy are mortgage arrears, vehicle payments, and some taxes. Rarely do debts like credit cards, medical bills, payday loans, or student loans get paid anything in a Chapter 13. They do, however, get discharged or eliminated. Student loans are an exception and do not get eliminated in a Chapter 13 bankruptcy, however, it does stop the payment on the student loan for up to a five-year period.

Our Missouri bankruptcy law firm can help you determine if a Chapter 13 bankruptcy is right for you. Contact us today to learn more.

Contact Us Today


Contact Us Today

Adams Law Group is committed to answering your questions about legal issues in St. Peters, MO.

We'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.

Adams Law Group
22 Richmond Center Ct.
St. Peters, MO 63376
Call or Text: 636-397-4744
636-397-3978 (fax)