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Common myths about Chapter 13 bankruptcy Atlanta, GA

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Common myths about Chapter 13 bankruptcy

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Many Georgia residents decide to file Chapter 13 bankruptcy as a sort of tactical move, seeking to relieve their debt and to avoid foreclosure. Chapter 13 bankruptcy allows individuals to repay creditors over a course of three to five years, and it is available to anyone with an income. Therefore, it can be a highly valuable tool for getting out of debt.

However, a lack of knowledge about Chapter 13 has led to some commonly held myths about the process. Today, we will try to dispel some of those myths.

Myth: After filing Chapter 13, you must pay back 100 percent of your debt.

This statement only holds true if your DMI, or Disposable Monthly Income (which is determined by the bankruptcy court) supports repaying all of the debt in a three- or five-year repayment plan. Most filers will likely only pay what they can afford for five years, at which point the bankruptcy will be discharged and the remaining debt forgiven. In addition, the amount of your monthly payments will depend on your DMI.

Myth: Passing a means test will disqualify you from Chapter 13 bankruptcy

Anyone can file for Chapter 13 bankruptcy, regardless of the results of a means test. Depending on those results, a filer may have the option of choosing Chapter 7 bankruptcy as an alternative while keeping Chapter 13 as an available option.

Choosing to file Chapter 13 bankruptcy can have many benefits, such as saving a home from foreclosure, extending student loan and tax debts, maintaining possession of non-exempt property, access to loan consolidation, and obtaining protection for co-debtors.

Source: Bankruptcy Home, “Some Myths About Filing a Chapter 13 Bankruptcy”, 30 March 2011

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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