Stop Foreclosure; Repay Debts Affordably With A Chapter 13 Bankruptcy
Many people assume that a Chapter 7 bankruptcy is preferable to a Chapter 13 because a Chapter 7 is completed more quickly and can eliminate most or all debts. In fact, however, there are often compelling reasons to proceed with a Chapter 13 bankruptcy instead. For example:
- Someone may not qualify for a Chapter 7 because of high income or assets.
- A mortgage may be in arrears but the debtor(s) wish to keep their house.
- Through debt reorganization, a debtor will repay most or all secured or nondischargeable debts (such as back taxes and mortgage or car loan arrearages) as well as some unsecured debt (such as medical and credit card bills). This path appeals to some people who want to honor their credit commitments.
- A Chapter 7 bankruptcy requires the full payment of legal fees before filing, but fees for a Chapter 13 bankruptcy are incurred slowly through a monthly repayment plan lasting three to five years.
Your Financial Big Picture Is Unique; Is Chapter 13 Right For You?
No simple description of Chapter 13 bankruptcy can capture the nuances and details of your financial situation. To get a custom-tailored analysis of your debt relief needs, discuss your concerns with attorney Geri Lyon Chase.
At the Law Office of Geri Lyons Chase, you will have access to the personalized guidance that you need when your debts have become unmanageable.
Chapter 13 Bankruptcy In A Nutshell
Once you and your bankruptcy attorney have determined that Chapter 13 bankruptcy is a good choice, you are ready to get started. You must then inventory your debts and creditors to prepare to file with the bankruptcy court.
As soon as you file for Chapter 13 bankruptcy, your creditors will receive notifications informing them of the automatic stay. Those creditors will be barred from attempting to collect on your debts for the duration of the bankruptcy.
After you have completed a required crediting counseling course, you may file for Chapter 13 bankruptcy and wait for a notice to meet with a bankruptcy court trustee. At that conference, you will present financial information and agree to a debt reorganization and repayment plan.
Once you have completed an additional debtor education course and your Chapter 13 debt repayments, any remaining unsecured debt may be discharged. You may begin rebuilding your credit.