Does a Chapter 13 bankruptcy require me to pay back all of my debts?

January 25, 2010

 

There’s a common misconception that a Chapter 13 bankruptcy will require you to pay back all of your debts in full. Quite the opposite is true. In many cases, the debtor’s unsecured debts are considerably reduced, with the debtor paying back only a percentage of what is owed.

Chapter 13 bankruptcy is essentially a debt repayment plan. The amount of debt you are required to repay depends on your disposable income and the value of your assets. For many petitioners, what they are required to pay back through their Chapter 13 debt repayment plan will be substantially less than what they currently owe.

An experienced Texas bankruptcy attorney can help you understand Chapter 13 bankruptcy and the effect that it will have on your debt.

 

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