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Check out the latest news on bankruptcy.

12 Myths About Bankruptcy
No, you will not lose everything you own. And no, you can't wantonly run up bills just before filing; that's called fraud. read more...

Bounce Back Fast After Bankruptcy
Carefully rebuild your credit and you could qualify for almost-normal rates, even a mortgage, in a year or two. Here's what you need to do. read more...

Beware Cut-Rate Bankruptcy Advice
Bankruptcy has become little more than a few months in purgatory, rather than the seven-year ache -- and lifelong disgrace -- it once was. read more...

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In a chapter 13 case you file a "plan" showing how you will pay off some of your past-due and current debts over three to five years. The most important thing about a chapter 13 case is that it will allow you to keep valuable property--especially your home and car--which might otherwise be lost, if you can make the payments which the bankruptcy law requires to be made to your creditors. In most cases, these payments will be at least as much as your regular monthly payments on your mortgage or car loan, with some extra payment to get caught up on the amount you have fallen behind. You should consider filing a chapter 13 plan if you:

  • Own your home and are in danger of losing it because of money problems.
  • Are behind on debt payments, but can catch up if given some time.
  • Have valuable property which is not exempt, but you can afford to pay creditors from your income over time.

You will need to have enough income in chapter 13 to pay for your necessities and to keep up with the required payments as they come due.