Chapter 13 Bankruptcy Lawyers
Helping You Get Your Life Back
Chapter 13 is a reorganization of debt where we file a petition disclosing your debts and assets but also propose debt repayment plan to pay off your debts within five years. This is accomplished through reducing the percentage paid to unsecured creditors like credit cards and refinancing non-mortgage secured debt for five years at the market interest rate. Mortgages do not have to be included if you are current on the payments, but mortgage arrears must be included in the plan and paid off for you to keep your home. Chapter 13 plan payments are deducted from your paycheck and will also include attorney’s fees and interest for the court. Chapter 13 is the best option to immediately stop a foreclosure or repossession that is imminent, and you won’t have your assets seized by the court so you could keep things you might lose in Chapter 7.
Many people do not qualify for Chapter 7 bankruptcy. The Federal Government—who regulates bankruptcy—has other options for helping you get out of a financial crisis. To determine which bankruptcy type is best for you, we will use a standards means test, collect details about your debt and your income, your assets and your property. Most importantly, we will get to know you and your circumstances including your financial goals for the future. Depending on your goals and your situation, Chapter 13 may be the best option for you if you:
- Make more money than is allowed for filing Chapter 7
- Have a piece of property or assets you want to save from the total liquidation of Chapter 7
- Are capable of paying much of your debt but not all of it
- Have fallen behind on your credit card payments, mortgage, or other bills
- Want to have your debt under control within 5 years
Chapter 13 allows you to negotiate your debt, consolidate it, reduce it and, perhaps, eliminate some of it. For many people, filing bankruptcy is the best option but many people are resistant to doing so. Don’t wait until your quality of life has been diminished, your stress level has exploded, and your anxiety keeps you up at night. There is debt relief available with a qualified lawyer on your side.
Get Immediate Relief from Creditors with Chapter 13 Bankruptcy
Making the minimum payments on your debts—especially high interest credit card debt—can mean payments that stalk you forever. No matter what you do, the sack of debt weighs you down. Your debt may be leading you to make hard decisions: food for your family or interest payments to Visa? Make the rent to avoid eviction or make the car payment to avoid repossession? We have helped countless people just like you. Don’t let debt dominate your life. Medical bills, unemployment, housing price collapse, bad luck investments, or other factors may have contributed to your financial struggles. We can help you get your life back. Relief is possible. Once the process of bankruptcy begins, creditors are legally barred from contacting you for payment. This offers you legal collection defense from your lenders.
There are multiple other advantages to Chapter 13: you may be able to keep your home and vehicles, you may be able to pay IRS or other taxes without incurring additional interest, you may be able to get more relief if your house is underwater. To have all of your questions about bankruptcy answered, contact us.