Make Responsible Choices in Chapter 13 Bankruptcy
Experienced Bankruptcy Attorney in Binghamton, New York
Under a Chapter 13 bankruptcy, a person who wants to hold onto a home, car or other large asset may be able to do so while making debts much easier to pay off. In a Chapter 13 bankruptcy, a debt repayment plan is created to repay a specified amount to creditors for a period of three to five years. At the end of the three- to five-year plan, all eligible debts are discharged.
To get a free copy of ”What You Need to Know About Filing Bankruptcy,” written by Peter A. Orville, call 1-888-228-3094 today.
The process of Chapter 13 bankruptcy is similar to the process of Chapter 7 bankruptcy, but with some noticeable differences. When you come in to our office at the Consumer Bankruptcy Law Center of Peter A. Orville, we will help you prepare and file several forms with the bankruptcy court that list your income, expenses, assets, debts and property transactions for the past two years.
You will also file a proposed repayment plan, which will describe how you will repay the debt over the three- to five-year timeframe, and what amount you will pay. A bankruptcy judge will need to approve your plan, and if you remain current until the end of the three- to five-year plan, the remaining balance will be discharged.
Avoid Foreclosure and Repossession
While there are benefits and drawbacks to pursuing a Chapter 13 bankruptcy versus Chapter 7 bankruptcy, one of the main advantages to Chapter 13 bankruptcy is the ability to avoid foreclosure on your home mortgage and repossession of automobiles and other large assets. Other benefits of Chapter 13 bankruptcy include:
- You can file for Chapter 13 bankruptcy at anytime, even if you recently discharged your debt under a Chapter 7 bankruptcy.
- You have debts, such as tax debt, that cannot be discharged under Chapter 7 bankruptcy.
- You have co-debtors on loans. In Chapter 13, creditors may not seek payment from co-debtors.
In both Chapter 7 and Chapter 13 bankruptcies, filing will protect you from the harassment of creditor letters and phone calls. We will help you understand the process and let you know which option is best for your individual situation.
Contact us today to let an experienced lawyer help you discharge your debt through Chapter 13 bankruptcy. We have nearly 20 years of experience helping families and individuals repair their financial situation and get themselves back on track.
Call us at 607-821-2463 or toll free at 866-935-7708
for consumer bankruptcy protection and debt relief.
For more detailed information about bankruptcy, visit the Bankruptcy Law Network web site.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
