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Chapter 13

Declaring Chapter 13 Bankruptcy In Wisconsin

Chapter 13 is a type of bankruptcy in which a debt repayment plan lasting from three to five years is proposed to the court. This is usually used by someone who is having a problem with secured creditors (a creditor with a lien on your property) and who wants to stop a foreclosure or car repossession. It may also have to be used by an individual whose income is too high to qualify for Chapter 7, who filed a Chapter 7 within the past eight years, or who has debts that are not dischargeable in a Chapter 7 bankruptcy, but would be in a Chapter 13. Unlike Chapter 128, it is not always necessary to pay 100 percent of your debts in a Chapter 13. In many cases, it is possible to propose a Chapter 13 plan that will save a home from foreclosure by paying up on the arrearage or taking care of the arrearage by a loan modification; pay off a car loan at a lower interest rate or principal amount than the original loan contract required; and pay less than 100 percent to unsecured creditors. Upon completion of a Chapter 13 plan, you will receive a discharge of debts. The discharge in a Chapter 13 covers more types of debts than a Chapter 7.