Local Law Firms Home > Bankruptcy Debt Relief Overview > Bankruptcy FAQ's Q: Which chapter or type of bankruptcy is the right one for me? |
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Under Chapter 13 bankruptcy, an individual's creditors will be contacted by a neutral third party such as a bankruptcy attorney.
They attorney will negotiate with the creditors to arrive at a mutually acceptable settlement amount. When this settlement amount is reached, the individual will begin repaying all or a portion of their previously existing debts. The debt will be repaid over a period of 3 to 5 years. The individual will be appointed a trustee over their account, and payments will be made to the trustee.