What is the Chapter 13 bankruptcy repayment plan?

If you choose to file for Chapter 13 bankruptcy, you have to submit a repayment plan before you can begin your journey toward debt forgiveness. The repayment plan is a document that outlines the terms of proposed repayment of outstanding debts. This plan must include the amount of each payment and how often payments will be made. The repayment plan must be approved by the bankruptcy judge and your creditors before your bankruptcy may be enacted.

At Hong Law, PLC, our Cedar Rapids bankruptcy lawyers are dedicated to helping you get out of debt and move on with your life. Contact a skilled attorney by calling (319) 294-5853 today.