Is chapter 13 bankruptcy always a good alternative? 2 Answers as of August 16, 2010If I do not qualify for chapter 7 bankruptcy, will I definitely qualify for chapter 13? Someone told me that if you cannot file for chapter 7 then chapter 13 is almost always the next best option and that they usually let you file.
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You should make an appointment to consult with an attorney about your ability to pay back debts. Chapter 13 bankruptcy requires the debtor to make bankruptcy plan payments toward their debts for 3 or 5 years. Depending on your circumstances, you could pay from 0% to 100% of your debt back over a period of time while you protect your secured assets from being taken by creditors.
Answer Applies to: California