Chapter 13 Bankruptcy

Reorganize Your Debts

If you own significant assets, then a Chapter 13 Bankruptcy may be the best route for you. Instead of trying to keep up with monthly payments to various lenders and creditors, a Chapter 13 Bankruptcy filing creates a single monthly payment “plan” by which certain debts are paid over a 3-5 year period. During that period, creditors cannot contact, pester, or try to collect from you outside the terms of the arrangement. The monthly plan can include payments towards mortgage arrears, balances on vehicle loans, student loans, any back child support and alimony, and outstanding taxes, without incurring penalties or interest.

Stop Foreclosure and Keep Your Home

A Chapter 13 Bankruptcy filing can stop a foreclosure in its tracks and prevent the loss of your home. You can be given the opportunity to repay  mortgage arrears over a 36 to 60 month period, and will be required to make all future mortgage payments. Keep your house, vehicle, and any other property you deem valuable. Contact us now because once your home is sold, it will be too late.

Your Cosigners Will Be Protected

A creditor cannot collect from your cosigner if you have filed a Chapter 13 Bankruptcy. The same protections you receive under a Chapter 13 filing apply to your cosigner as well. The creditors will have no choice but to wait to be paid by you through the Chapter 13 plan.

Eliminate a Second or Third Mortgage

If your house is worth a lot less than what you owe on a first mortgage, we can wipe out any subsequent liens on the house and have it regarded as a general unsecured obligation. By utilizing this method, you are potentially saving thousands of dollars by paying only the fair market value of the property, regardless of what you still owe on a second or third mortgage.