How do I love thee, Chapter 13?
Let me count the ways.
Hang on, because it’s a long list. Thirteen reasons Chapter 13 rocks.
I love Chapter 13 because:
1. Debtors keep control of their assets. They run their businesses. There is no trustee tasked to sell assets.
2. Repayment to creditors can be little or even nothing. It depends on the debtor’s income and the value of their assets.
3. Chapter 13 plans can be changed during the case. If income falls or is temporarily interrupted, the plan can be changed to accommodate the change. [Read more…]