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What is chapter 13 bankruptcy?
In a chapter 13 case you file a plan showing how you will
pay off some of your past-due and current debts over a period
of three to five years. The most important thing about a
chapter 13 case is that it will allow you to keep valuable
property, like your home or car, even if you are behind on
payments or you have equity not covered by your exemptions.
Your payments on these secured debts will generally be your
regular monthly payments plus some extra amount if you need
to get caught up because you are behind when you file.
If you still have questions you can schedule a free consultation with a bankruptcy attorney.
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