Life can present some extremely difficult obstacles Chapter 13 bankruptcy provides financial relief and a fresh start in many case.
Often, when Chapter 7 bankruptcy is not an option, Chapter 13 can be a possibility.
In order to qualify for Chapter 13 bankruptcy, we need to analyze your income, expenses and the amount of your debt to insure that Chapter 13 bankruptcy is the best option for you. In a Chapter 13 case you make monthly payments. Most clients pay only a portion of the debt they owe.
The main reason an individual would turn to a Chapter 13 is to avoid losing property to repossessions or foreclosures. This legally allowable category of debt relief allows those facing temporary financial setbacks to avoid having their wages garnished or lawsuits brought against them for failure to repay debts. It also keeps bill collectors from calling repeatedly and interest from continuing to pile up.
Often, the need for debt relief comes as a result of short-term setbacks, such as these:
- Major illness
- Unanticipated expenses
- Job loss
When you file for chapter 13 you are given a 3- to 5-year plan to catch up on mortgage or car payments, while keeping current on existing mortgage or car loan accounts.
When we meet, you can discuss your personal financial situation to find out whether this course of action is best for you. To set up your free initial consultation, call us today.
We are ready and waiting to help.
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