Chapter 13 bankruptcy offers individuals with a steady income the opportunity to repay their debts over several years while keeping their property. The idea is that you consolidate your debts and make payments until the whole package is paid off.
Generally, this reorganization of debt is much more affordable than your current payments. While in a Chapter 13 bankruptcy debt repayment plan, your creditors cannot collect from you, and must abide by the terms of the plan. This means no more harassing phone calls, no more threats, and the ability to pay off your debts in a reasonable time.
Stopping foreclosure with Chapter 13 bankruptcy If you're making enough money to pay your current mortgage bills while also making payments on your back debts, you can usually stop a foreclosure with a Chapter 13 bankruptcy. This is often your best option, and can help you avoid a major disruption in your lifestyle and that of your family.
If your debts are climbing faster than you can pay them off, it may be time to consider liquidating your assets and applying for Chapter 7 bankruptcy. This typically involves selling off non-exempt assets in an attempt to raise money to clear your name. Exempt assets, those that are usually protected, include things like your home and your car.
Under this plan, some types of debts can't be cleared. These are often debts that involve property you're still paying for, luxury items, student loans, and child / spousal support. While you'll still face down these burdens, things like medical bills and credit card bills are almost always cleared.
Clear your debt while keeping as much of your property as possible.
If you're tired of facing down the endless phone calls and sleepless nights, filing for bankruptcy might be right for you. Our team of attorneys can walk you through all the steps of this difficult process and help you sort out the obstacles that stand in your way.
We're happy to offer you a free consultation, so call today and start walking the path of financial freedom. Chapter 7 bankruptcy may or may not be the solution to your problems, but we can help you understand all the options that lie ahead and make an informed decision.
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