Coastal Debt Guide

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6 Step To Joining A Debt Consolidation Program
Many people find themselves treading water when it comes to credit card debt. Whether you are current or behind on credit cards, personal loans, ...[more]
Christian Debt Relief
When looking for debt relief many people facing financial hardship find they feel more comfortable with debt assistance from a Christian Debt man...[more]
Benefits of Non Profit Debt Consolidation
In the midst of economic turmoil more people than ever are desperately searching for ways to pay their credit card debt. Most often, consumers fe...[more]
When to consider a debt consolidation program
In today’s economy, it is very common for consumer’s to find themselves overwhelmed by credit card debt and in need of debt ...[more]
Tips on how to avoid bankruptcy
Consumers often feel that bankruptcy is the only option they have when struggling with overwhelming debts and s...[more]
How to consolidate credit card debt without hurting your credit
Debt consolidation is a program that pays the creditors in full by consolidating the debts into one monthly pay...[more]

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is used by individuals to reorganize their debt, supervised by a federal bankruptcy court. The debtor’s objective is to restructure the debt in a manner that the projected income of the debtor will allow the debtor to pay off all or part of the debt. The court allows 5 years to repay the debt.

Chapter 13 Bankruptcy versus Chapter 7 Bankruptcy:

An indebted individual can choose between Chapter 7 Bankruptcy, liquidation, or Chapter 13 Bankruptcy, reorganization. Income is the main criteria to determine which Chapter to file under. The debtor must have a steady viable income to fund Chapter 13 Bankruptcy.

One key advantage Chapter 13 Bankruptcy has over Chapter 7 Bankruptcy is the full discharge option. If the debtor completes the payment planned outlined by the court, the debtor receives a full plan discharge. Another advantage Chapter 13 Bankruptcy has over Chapter 7 is the repayment plan might be accepted by the court even if the creditors disagree.

Chapter 13 Bankruptcy Prtocess:

Under Chapter 13 Bankruptcy, the debtor proposes a written plan detailing a repayment schedule over a 3-to-5 year period. Repayment must occur thirty to forty-five days after the case is started. Under Chapter 13 Bankruptcy, the debtor is typically allowed to keep all of their property. In addition, Chapter 13 Bankruptcy has the ability to stop the foreclosure process.