There are a number of bankruptcy codes which are of great aid for the individuals, family, business persons, enterprises and married couples. So there is the Chapter 13 bankruptcy which also goes by the name of wage earners plan. With the aid of this plan the individual who have regular income are aided to develop a plan which can help in the repayment of all or parts of their debts. The repayment plan involves making installments to creditors in a period of three to five years. The tenure is three years if the current monthly income of the debtor is less than the applicable state median. However if the debtor monthly income is more than the applicable state median the tenure can go up to the five year span. However the five year tenure cannot be crossed, no matter what situation comes forward. Again in the entire tenure the law does not allow the creditor to pursue the collection.
There are certain eligibility criteria for the applicability of Chapter 13. These are as follows:-
• If an individual is self employed or is a part of unincorporated business and if the unsecured debts are less than $ 383,175, then the individual is eligible for the relief under Chapter 13. However the secured debts should not be more than $ 1,149,525. And again these values are subjected to change.
• Also if a petition of the individual has been dismissed during the preceding 180 days he or she is not eligible for the same or any other bankruptcy plan.
Once again the filing of the same requires the legal services, thus there is provision of the Affordable Chapter 13 legal services. In here you can take the aid of pre bono attorneys. This can be pursued with the aid of local service in your area. Then there are the options of credit counseling which can be considered with ease.

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