Chapter 13 bankruptcy

This option may be more appropriate to people who have regular income. A Chapter 13 filing immediately “stays” or stops any creditor action such as garnishment, foreclosure, repossession, seizure and attempts at collection including phone calls and letters.

The person files a payment plan with the bankruptcy trustee and agrees to pay all future debts on time while an affordable monthly payment plan allows them to pay back their creditors partially or in full over a three to five-year period. In return, the debtor can keep their property (home, vehicle and other assets) so long as the plan payments are made.

Chapter 13 may be the best solution for you if you:
  • have income and assets you want to keep
  • are behind on your mortgage and want to keep the home
  • have received a wage garnishment
  • are behind on your car payment or want to get back a repossessed vehicle
  • are behind on federal or state taxes (penalties and interest will stop at filing bankruptcy, but everything up to that point is payable)

A Chapter 13 bankruptcy remains on the person’s credit report for seven years.

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2104 W Laburnum Ave, Suite 201
Richmond, VA 23227
Fax: 804.358.8704

Virginia Beach

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272 Bendix Road, Suite 330
Virginia Beach, VA 23452
Fax: 804.358.8704


2 Eaton Street, Suite 106
(Corner of Settlers Landing)
Hampton, VA 23669
Fax: 804.358.8704

American Bankruptcy
Tidewater Bankruptcy Bar Association