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Chapter 13 bankruptcy (available to sole proprietorship) is another type which requires the debtor to come up with a plan to repay all his debts. With the help of a trustee, the debtor needs to create a feasible repayment plan that will allow him to pay his debts on an agreed period of time. The time table will depend if the debtor’s current monthly income is less than or more than the applicable median income (differs per state). Some debts are paid over the period of three to five years depending on the case.

All of the information here is provided to give an overview on how to file bankruptcy as well as the types of bankruptcies available to us. It is always advisable to confer with a bankruptcy lawyer for professional counsel.

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