Chapter 13 Bankruptcy

A Chapter 13 bankruptcy, is often referred to as a debt consolidation plan or debt reorganization plan because it allows wage earners, and others with steady income, to reorganize and repay their debts through a Chapter 13 debt repayment plan over three to five years. Chapter 13 is intended for people with a steady source of income that is high enough to cover basic living expenses plus enough extra to pay into a bankruptcy court repayment plan.

Filing a chapter 13 bankruptcy automatically stops home foreclosures, vehicle repossessions, wage garnishments, and other collection actions. Chapter 13 is commonly used to reorganize non-dischargeable debts that must be repaid such as home mortgages, equity lines of credit, child support, vehicle payments, taxes, student loans, and traffic tickets. It may help a person whose Washington State drivers license has been suspended or revoked get their licenses reinstated.

We will gladly help answer any questions you may have about filing a Chapter 13 bankruptcy in Olympia or other South Puget Sound communities. Our offices are conveniently located in Olympia, WA and we provide services to clients from Tacoma, Lacey, Olympia, Tumwater and Dupont. Call for an appointment for a free consultation.

Common reasons for Chapter 13 bankruptcy:

A Chapter 13 bankruptcy may be a better choice if one or more of the following is true:

  • You are behind in a mortgage loan or car loan and want to catch up on the missed payments over time so you can keep your house or your car
  • Your income gives you the financial ability to pay a portion of your debts over time
  • You owe taxes, child support, or fines
  • You have lots of property or other valuable assets that you want to keep;
  • Your drivers license has been suspended or revoked due to unpaid fines and you want to get your license reinstated
  • You have already filed a Chapter 7 bankruptcy within the last eight years
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