Your chapter 13 payment plan is a plan proposed to the court, your creditors and the chapter 13 trustee to repay all or part of your debts over time. When understanding the chapter 13 payment plan, it is important to note that the plan has many requirements.

A Chapter 13 Bankruptcy is a useful tool to pay back mortgage and vehicle arrears, strip liens, cramdown a vehicle and pay back a percentage of your debts. It allows you to have a 3-5 year payment to pay back secured debts and often results in paying a small percentage of unsecured debts.

4th Circuit rules that debtors filing for chapter 13 bankruptcy can cramdown their home mortgage if the home mortgage matures before their last chapter 13 payment due date.

Chapter 13 bankruptcy is another very common type of bankruptcy and is a very helpful tool for reorganizing your debts and getting a fresh start, and this article explains the benefits of the chapter 13 bankruptcy and how it’s different from a chapter 7 bankruptcy.

The most important part of going through Chapter 13 bankruptcy is developing a Chapter 13 plan that you are able to stick to successfully.