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Advantages and Disadvantages of Declaring Bankruptcy Under Chapter 13

What is Chapter 13 Bankruptcy? Individuals looking to declare bankruptcy may choose to file a Chapter 13 bankruptcy claim. Filing Chapter 13 bankruptcy allows the debtor consolidate his debts and get a discharge after making monthly payments for a period of 36-60 months. Any individual with a regular income, with less than $394,725 in unsecured debts and less than $1,184,200 secured debts is eligible to file a Chapter 13 bankruptcy claim. Secured debts are loans that have a property attached as collateral, a creditor has a right to repossess the property in cases of default, while unsecured debts do not...
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