What is Chapter 13 Bankruptcy? When someone files for bankruptcy under Chapter 13 of the Bankruptcy Code, their aim is to have the opportunity to repay some or all the debts in their name on better terms (i.e. with lower or no interest). Unlike Chapter 7, which requires a complete liquidation of assets, a Chapter [...]

The purpose of the federal bankruptcy laws is to give people who are saddled with debt an opportunity to start over and, once again, become productive members of society. The law recognizes that some people are unable to pay everything they owe to creditors and that it serves no purpose to allow these individuals to [...]