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CHAPTER 13 BANKRUPTCY
Chapter 13 Bankruptcy provides an immediate avenue to restructures your debts
Filing a Chapter 7 Bankruptcy provides immediate relief from bill collectors by stopping any collection activity.
What is the goal of a Chapter 13 Bankruptcy?
Chapter 13 is intended to give you the chance (and the necessary time) to restructure and repay your debts.
Can anyone file for a Chapter 13 Bankruptcy?
While anyone can file for Chapter 13 Bankruptcy, not everyone qualifies to have a proposed plan confirmed. If you do not qualify, your case can be dismissed without a discharge or can be converted to a Chapter 7 bankruptcy. If your income is above the cutoff for Chapter 7 , then you will likely need to file under Chapter 13.
How does a Chapter 13 Bankruptcy affect a foreclosure?
Many homeowners have been turned down for a loan modification or simply cannot catch up on mortgage payments after a temporary hardship has been resolved. A Chapter 13 bankruptcy, by allowing you to proposed a repayment plan, can act similarly to a loan modification and stop a foreclosure permanently. By breaking arrears up into 60 payments, it affords you the chance to finally catch up and eliminate the danger of a foreclosure. Whether a Chapter 13 makes sense for a homeowner depends on many factors. It is very important for your attorney to truly understand the foreclosure process and work with you to develop a plan that can work for you.
What are the steps in a Chapter 13 Bankruptcy?
Filing of Petition
Plan Proposal and Beginning of Payments
Making Payment as Called for by Your Plan
Please contact us for more information regarding bankruptcy options.