Burr Law Office

When it comes to protecting property, Chapter 13 is king. In the past, someone filing bankruptcy wanted to wipe their debt out and walk away starting anew. The reason that Chapter 13 bankruptcy was never popular was because the person filing is required to submit a repayment plan to the bankruptcy court that will last 3 to 5 years. The last thing someone in debt wants to do is re-obligate themselves to more payments. When the real estate market collapsed in 2007, a few bankruptcy attorneys figured out how to use Chapter 13 to benefit their clients.