Chapter 13 Bankruptcy Introduction

The transcription below is from the Chapter 13 video explanation the general nature of what Chapter 13 bankruptcy is all about.

David Siegel: You know, whether things are rolling in this country or whether they’re going downhill, there’s always a need for the Chapter 13, the reorganization, to find a way to pay back and get a fresh start to a certain extent. Let’s jump right in. What is Chapter 13 bankruptcy?

Jesse Barrientes: Chapter 13 is a consolidation essentially is what it is. I also want to mention, there are a lot of companies that provide consolidation services, so-called. And my experience with them hasn’t been so good only because Chapter 13, right, is sanctioned by federal law. It has teeth into it. When you do the other consolidation, it’s purely voluntary. They don’t have to follow through with the agreement. But with Chapter 13, they are bound by what the law is. So it’s your consolidation or partial repayment of your debt, could be secured or unsecured, we talk about secured debt being a debt that secured with property like a house or an automobile, something of that nature. Or unsecured which would be credit cards, medical bills, those kinds of things.

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