What is Chapter 13 Bankruptcy?
Chapter 13 reduces and reorganizes your debt, allowing you to pay back a smaller amount over three-to-five years. The court supervises and approves this reorganization to ensure success and good faith. When done correctly, Chapter 13 bankruptcy can be a very positive experience. Let Watton Law Group prove it to you.
Who Should Use Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is useful, but it is not available to everyone in debt.
Currently, the U.S. Bankruptcy Code only allows people to file for Chapter 13 Bankruptcy if they match these prerequisites:
- Must be an individual filer, not a corporation or partnership.
- Must have unsecured debts less than $465,275.
- Must have secured debts less than $1,395,875.
If you qualify to file for Chapter 13 bankruptcy, then we will begin by tabulating your assets and liabilities in full. Next, your current income and expected expenses are calculated to come up with a budget. Your bankruptcy attorney will use this information to create a Chapter 13 bankruptcy plan that reduces your debt as much as possible while also satisfying the expectations of the bankruptcy court and the creditors. With this approach, we conclude your bankruptcy case quickly and positively.
Benefits of Chapter 13 Bankruptcy
Chapter 13 bankruptcy could be the best course of action for you to break free from your debt. It brings many benefits that are best created by an experienced Chapter 13 bankruptcy lawyer.
Key benefits of Chapter 13 bankruptcy include:
- You only repay what you can reasonably afford.
- Any debts you do not repay at the end of the plan can be discharged by the court.
- Vehicle payments can be greatly reduced.
- Taxes can be paid and interest and penalties reduced or removed.
- Mortgages on your home may be removed or reduced.
- Impact on your credit score can be fixed.
- Creditors must immediately stop harassing you for payments.
Fight Your Debt – You Can Do This!
No one should have to live under the pressure and burden of significant debt. With Chapter 13 bankruptcy, you can find a path to financial independence again. Come to our law firm and explore your bankruptcy options with our team of attorneys who genuinely care.
Find out more about bankruptcy and its benefits by dialing (414) 409-5422 now.