CHAPTER 13 Bankruptcy
A Chapter 13, also known as “consolidation” or “reorganization”, is a viable option when your income exceeds a certain threshold for Chapter 7 relief. In some instances, a Chapter 13 payment plan is preferred when an individual is facing foreclosure on their home, tax debts, or auto repossessions. Additionally, the Chapter 13 bankruptcy allows the individual to restructure their debt into a three to five year repayment plan.
If you do not qualify for a Chapter 7 bankrupty, you can still have a high probability of being eligble to file under Chapter 13 of the United States Bankruptcy Code.
Benefits of a Chapter 13
A Chapter 13 petition stops collection agencies or bill collectors from harassing you when you are at work or home. Additionally, it provides you with an opportunity to keep key assets or your home while creditors are being held off, thus giving you the ability to attain peace of mind and stability. Notably, the Chapter 13 stops foreclosure on your home or any property if the assets are included in the reorganization plan and you are able to make timely payments as mandated under your plan.
Let us get you a fresh start. Call The CAPITAL Law Firm for a free case evaluation. Our bankruptcy attorneys and specialists will help guide you in the right direction. We are here to set up your financial future and get rid of your fears of losing your home, car, and other assets. Let us do the work and deal with the creditors.