How Does Chapter 13 Bankruptcy Work?

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Chapter 13 bankruptcy works by allowing an individuals to have creditors back off while existing debts are reorganized under a protocol set up by the bankruptcy court. Hire a bankruptcy attorney to file the paperwork for Chapter 13 bankruptcy with advice from a registered financial consultant in this free video on bankruptcy.

Part of the Video Series: Personal Finances & Money Management
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This is financial adviser Patrick Munro talking about: How does Chapter 13 bankruptcy work? Chapter 13 bankruptcy is a reorganization of debt. It allows an individual to have creditors back off while he reorganizes existing debt under a protocol that has been set up by the bankruptcy court. This is different than a full retirement of bankruptcy. It's a more noble way to go if an individual is facing severe credit problems. And Chapter 13 bankruptcy is executed by a bankruptcy attorney, and there are certain protocols that must be followed under the U.S. bankruptcy system. There are fees involved, which the attorney gets paid for, to file the appropriate papers with the court and make sure that the Chapter 13 bankruptcy is executed according to the right protocol. This is financial adviser Patrick Munro talking about Chapter 13 bankruptcy.

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