Making Your Debt Manageable Through Chapter 13 Bankruptcy
For many individuals who do not qualify or have debt relief needs that cannot be addressed by Chapter 7 bankruptcy, Chapter 13 is an effective route. Chapter 13 bankruptcy provides debtors the breathing room they need to pay back some or all of their debts over an extended period of time. By establishing a repayment plan that is tied to what you can afford, a successful Chapter 13 filing can relieve much of the stress and burden of overwhelming debt.
I will help you understand your bankruptcy options and find the path to debt relief that is right for you. I have 18 years of experience helping individuals and businesses alike find relief from crushing debt. Rely on this experience to help you move toward a brighter tomorrow.
Filing for bankruptcy is your right under the law, not a personal failure. Call 480-809-1014 or email me to find out how I can help you get a fresh start through Chapter 13 bankruptcy. Your initial consultation is free and our fees start at only $1,000 plus the filing fee to file your bankruptcy (the remainder of our fee is paid through the Chapter 13 Plan)
Understanding Chapter 13 Debt Reorganization
Also known as “debt reorganization” or “wage earner’s bankruptcy,” Chapter 13 is a more complicated and time-consuming process than Chapter 7 bankruptcy. For various reasons, however, chapter 7 bankruptcy is not for everyone. For those who do not qualify because their income or assets exceed eligibility requirements, those who have filed for Chapter 7 in the past eight years, or those who have tax debt issues or defaults that cannot be cured through Chapter 7, Chapter 13 may be the right solution. In this form of bankruptcy, you repay all or some of your debt over three to five years, and it protects your home and car from foreclosure and repossession.
In addition, Chapter 13 offers advantages that Chapter 7 does not. You can cure delinquent mortgage amounts over time, as long as you continue to make repayments in a timely fashion. It allows you to reschedule other secured debts, such as a car loan, stretching them out over an extended period. It allows you to pay income taxes over a longer period of time while avoiding tax liens and levies. In addition, Chapter 13 provides protections to third parties who are jointly liable for consumer debts, such as co-signers on a loan.
Chapter 13 is essentially a debt consolidation process. After your reorganization plan is approved by the bankruptcy court, you will make payments to the bankruptcy trustee, who will then distribute those payments to your individual creditors. At the successful conclusion of the repayment plan, the remaining debt is discharged.
As with a Chapter 7, once we file your Chapter 13 petition, an automatic stay will take effect, ending virtually all creditor harassment.
I am committed to helping my clients understand their rights and options under the bankruptcy law and developing the debt relief solution that makes the most sense for each individual. I invite you to call 480-809-1014 or email me to schedule a free initial consultation.
We are a debt relief agency. We help individuals and businesses file for bankruptcy relief under the Bankruptcy Code.