Chapter 13 Bankruptcy
Consolidating your debt into one easy monthly payment
Chapter 13 bankruptcy involves a three-to-five-year debt repayment plan that is based on what you can afford to pay your creditors. The repayment plan allows you to pay back debts with little or no interest, with no fines, and over a longer period of time. Upon completion of all plan payments, you are released from any remaining unsecured dischargeable debt (e.g., credit cards, medical bills, etc.). Secured debts (e.g., mortgage, car loans, etc.) typically must be paid off in full, but there are exceptions to this rule that we can tell you about.
Avoid mortgage foreclosure and vehicle repossession
A Chapter 13 bankruptcy can stop a foreclosure and allow you to repay your back mortgage payments interest-free over a period of time. A Chapter 13 bankruptcy can also stop a creditor from repossessing your vehicle and allows you to repay what you owe (in some cases, only what the vehicle is worth) over a period of time, sometimes at a lower interest rate than you have now.
You will also find that during the process of paying your debts, your credit has begun to recover.
Call our office for your free initial consultation to find out whether filing for Chapter 13 bankruptcy makes sense for you.
