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Chapter 13 basics

The alarm clock rings, and the Kentucky worker jumps out of bed, takes a shower, eats breakfast and heads off to work. Day after day, this scenario plays out across the state. For many, the income earned is enough to pay the bills and have a little left over for some extras. However, for some, although they are striving to earn enough to meet their month obligations, they are simply unable to do so. When this happens, chapter 13 bankruptcy may be answer.

Chapter 13 bankruptcy is often referred to as the choice for the wage earner. This is because it is designed to allow the individual who has a regular income to restructure debt into a manner that is more affordable. Depending upon the circumstances, a three- or five-year repayment plan is established. At the end of this time period, certain remaining debts may be discharged.

One of the benefits of this type of bankruptcy is that the individual is able to reaffirm the mortgage, catch up and continue making mortgage payments and thus avoid the foreclosure process. This same principle can also be applied to car notes. Many times, with chapter 13 bankruptcy, the individual is able to restructure debt so that it is more manageable and affordable.

The average Kentucky resident works hard for his or her income. Yet, when this income just doesn't seem to keep up with mounting debt, the situation can appear to be futile. It is possible that Chapter 13 bankruptcy can provide the relief needed to be able to recover financially.

Source:, "The basics of bankruptcy", Dana Berberich, Sept. 6, 2017

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Law Office of Ginger C. Cord, PSC
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Lexington, KY 40507

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