People, who are in possession of precious assets such as home or any other property, which are not covered by discharging of Chapter 7, mostly file for Chapter 13 bankruptcy. At this time, one should understand the most essential and notable aspect of bankruptcy Chapter 13. It differs from Chapter 7 bankruptcy, in the way it does not release all due payments immediately. On the contrary, the debtors tender to reimburse the debt to the creditors around a short time of five years. One need to plan for the monthly payments and after that submits an expense schedule to the court.
Eligibility
To be considered as eligible for filing bankruptcy, the person need to have secured debts worth over $800,000 and unsecured debts amounting to around $300,000. In such cases of possession like a secured creditor, the precise or the full payment of due expenses, if the date of buy lies within 30 months through the date of filing chapter 13Procedure
The former step availing chapter 13 bankruptcy informationbankruptcy chapter 7.