Bankruptcy Exit Plan
A Roseville bankrutpcy attorney explains the Bankruptcy Exit Plan
What is a Debtor’s Plan of Reorganization?
A Debtor’s Plan of reorganization is a method of prioritizing the debtor’s debts and paying off those debts that are of the highest priority with the limited amount of Debtor’s resources, and relieving the Debtor of liability for those debts that there are not enough resources to pay for.
A Chapter 13 bankruptcy provides individuals with a plan of reorganization. The Chapter 13 Plan of Reorganization places individuals on a repayment plan that lasts for a term of three (3) to five (5) years. During that time period, the Chapter 13 plan of reorganization prioritizes debts in the following order:
1) secured debts (are to be paid in full)
2) Priority debts – such as child support arrears and taxes (are to be paid in full)
3) Unsecured debts (are only entitled to a percentage)
Contact your attorney to get a better understanding of what your payments amounts under a Chapter 13 Plan of Reorganization might be.
If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!
