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Do I qualify for a Chapter 13 Bankruptcy?

Chapter 13 is known as Debt Consolidation, or a re-organization. Chapter 13 Bankruptcy is primarily designed to allow you to stop foreclosures and repossessions, and allows you to put together a payment plan to make up payments. Your bills can be consolidated into one monthly payment.

An “estate” is created when you file bankruptcy. The trustee oversees the administration of the estate and a plan is developed where you make your regular secured payments, catch up payments and pay a fraction of your unsecured debts each month to the trustee. The trustee charges a 10% administration fee.

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