CHAPTER 13 BK:  YOUR SECRET WEAPON AGAINST CREDITORS

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STOP FORECLOSURE

Chapter 13 can get you caught up on what you're behind on your mortgage payments - even if you're close to foreclosure.  This will help you avoid having to come up with a large lump sum to become current, and allow you to afford day-to-day expenses.  Additionally, we can assist with a loan modification to lower your payment if it is too high.

STUDENT LOAN DEBT

While student loans are not dischargable in bankruptcy, often times student loan companies, both private and public, force you to pay much more than you can afford.  Chapter 13 allows you to pay what you can afford in most cases, as opposed to amounts which leave you unable to eat or pay for utilities. 

AVOID REPOSSESSION

Are you behind on car payments?  Has your car recently been repossessed but not sold?  Chapter 13 can enable you to (a) stop repossession and (b) get your car back from the creditor who took it, allowing you to pay it off over time and sometimes pay the value of the vehicle vs. the balance.   You can almost always lower the interest rate as well and rebuild credit afterwards.

GARNISHMENT AND TAXES

Chapter 13 can STOP Garnishments and prevent your bank account from being frozen.  If more than $600 was taken from you in the last 90 days by any individual creditor (not including child support), we can get that back, and the same goes for any funds taken AFTER filing your case for debt you owed prior to filing. 

Behind on property taxes?  Chapter 13 can get you caught up over time.  Income taxes?  Chapter 13 can eliminate some tax debt, and pay off other tax debt over 36 to 60 months in an affordable, stress-free fashion.

                                                                                                     MYTH-BUSTING CHAPTER 13

A common misconception about Chapter 13 is that you pay back everything that is owed to your creditors.  This is NOT true. In the vast majority of Chapter 13 cases, unsecured creditors (credit cards, medical bills) are NOT paid back everything you owe. In fact, in most cases they are paid pennies on the dollar, with no interest.  What that means for you is that Chapter 13 BK can often be a better option than debt consolidation, debt settlement, or paying the debts off yourself.  Chapter 13 plans can be from 36 to 60 months depending on a number of factors like affordability and your income leading up to the bankruptcy case.   The best part of Chapter 13? You get to keep your stuff. In Chapter 7, if you have assets worth more than a certain dollar amount, they can be sold by the Chapter 7 Trustee. This just doesn't happen in Chapter 13.  Your possessions are safe.

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