A chapter 13 bankruptcy is known as a wage earner's plan. It enables people with regular income to create a plan to repay all or part of their debts. Under this particular chapter, debtors propose a repayment plan to generate installments to creditors over a time period of 3 to 5 years. If the debtor's present monthly income is low compared to the appropriate state median, the program is going to be for 3 years. If the debtor's current monthly income is higher than the applicable state median, the plan usually should be for 5 years. If you are considering filing bankruptcy chapter 13, O’Bryan Law Offices will take the guess work out of the process, and file your petition affordably, and competently.
At O’Bryan Law Offices, we are referred to as the leading debt relief firm that actual specializes in all types of bankruptcy filings, such as bankruptcy chapter 13. With over twenty years in business, along with decades of professional experience, we offer a holistic approach for your current situation, and for your long term financial goals. We also provide other beneficial services, such as credit counseling and plans for your future. We encourage you to keep in contact with us through the entire process, and together, we can get you back on track and give you the financial freedom that you haven’t had in many years.
Chapter 13 offers individuals a selection of advantages over liquidation under chapter 7. Maybe most significantly, chapter thirteen offers individuals a chance to save their homes from foreclosure. By filing in this chapter, people are able to stop foreclosure proceedings and might get rid of delinquent mortgage payments over time. Nevertheless, they have to still make each mortgage payment that comes due during the chapter 13 plan, on time. Another benefit of chapter thirteen is a it enables individuals to reschedule their secured debts and also extend them over the life of the chapter 13 plan, and by doing so, it may lower the overall payments.
Chapter 13 also carries a unique provision which protects third parties who are still liable with the debtor on consumer debts. This provision might protect co signers. Last but not least, chapter thirteen acts such as a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee that then distributes payments to creditors. People are going to have no immediate connection with creditors while under chapter 13 protection. Many people feel much more secure and less stressful when they don't have to actually speak with those who are trying to collect on a debt.
If you would like some additional information regarding the benefits of filing bankruptcy chapter 13, O’Bryan Law Offices would like to invite you to visit our website. At obryanlawoffices.com, you can schedule your no cost, no obligation appointment with us. You can simply leave your contact information, along with any questions you may have. You can also call us at 502.400.4020, and speak with one of our friendly and knowledgeable legal team members.Bankruptcy Chapter 13
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