Chapter 13 Bankruptcy Information
When you’re seeking Chapter 13 bankruptcy information, it makes sense to turn to experts. Our experienced Chapter 13 bankruptcy attorneys can provide skilled assistance with filing for Chapter 13 bankruptcy. We can also provide any type of bankruptcy information. Learn more about how we can help with Chapter 7 bankruptcy here. Through our network of attorneys, we will be able to help you locate the right assistance for filing your bankruptcy petition.
What is Chapter 13 Bankuptcy?
Chapter 13 bankruptcy is more commonly used by individuals who have enough income to pay their expenses and want to keep their home equity or other property, but can’t keep up regular debt payments. Oftentimes, Chapter 13 is used for homeowners who need to restructure their expenses. Instead of wiping out all debts, like Chapter 7 bankruptcy would, under Chapter 13, some debts may be wiped out. However, most are restructured to be a lower amount and paid by way of a certain schedule that is established in the bankruptcy case with the bankruptcy trustee. Typically the payment plans allow you anywhere from three to five years to get caught up with payments.
Why File for Chapter 13 Bankrupty?
A great benefit of this form of bankruptcy (aside from getting to keep your house) is that instead of dealing with individual creditors, you make a single monthly payment to the bankruptcy trustee. This way, there’s no need to worry about interest during the time you’re repaying what you owe.
However, it’s important to note that if you fail to keep up with the plan, the case can get dismissed. Then your creditors can be free to pursue what was owed. Of course, debt collectors must still follow legal practices. It’s not legal for creditors to harass you. Learn more about your debt collection rights here.
Don’t Wait–Contact SmithMarco’s Chapter 13 Bankruptcy Attorneys Now
Each Chapter 13 bankruptcy case is different. Why not get expert help from experienced bankruptcy lawyers? We want to help you start a new chapter of your life. This may be filing for Chapter 13 bankruptcy.