An Alabama Chapter 13 Plan (After 08-01-2011) is a type of debt repayment plan that is available to individuals who live in or do business in the state of Alabama. This type of plan allows individuals to reorganize their debts in order to make them more manageable and affordable. It also gives individuals the opportunity to keep certain assets that they otherwise might have to give up in a Chapter 7 Bankruptcy. There are two types of Alabama Chapter 13 Plans (After 08-01-2011): the Unsecured Debt Plan and the Secured Debt Plan. The Unsecured Debt Plan is for individuals who have little to no secured debt, such as credit cards, medical bills, or other unsecured loans. This type of plan requires individuals to make payments to their creditors over a three to five-year period. During this time, creditors are prohibited from taking any legal action against the debtor. The payments are usually made through an appointed trustee who distributes the payments to the creditors in accordance with the plan. At the end of the repayment period, any remaining unsecured debt is discharged. The Secured Debt Plan is for those who have secured debt, such as a mortgage or car loan. This type of plan allows individuals to keep their secured assets, such as their home or car, while still making payments to their creditors. Payments are made over a three to five-year period, and creditors are prohibited from taking any legal action against the debtor. At the end of the repayment period, any remaining secured debt is discharged. Overall, an Alabama Chapter 13 Plan (After 08-01-2011) is a great way for individuals to reorganize their debts and make them more manageable. It also gives individuals the opportunity to keep their secured assets while still making payments to their creditors.
Alabama Chapter 13 Plan (After 08-01-2011)
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