OBryan Law Offices can help you find the best option for debt consolidation in New Albany. If you’re in debt and are looking for a way to get out from under the burden of high interest loans, Chapter 13 bankruptcy may be the smartest decision you can make for your finances. Compared with traditional debt consolidation, Chapter 13 bankruptcy can help you pay off your loans in a way that better meets your budget, so you can start building credit again and living a life free of mounting debt.
Once your petition is filed by OBryan Law, the court will enter an Automatic Stay that will keep current creditors from taking any action against you regarding your debt; in fact, if legal action is currently underway, the Automatic Stay will stop the action. The harassing letters and phone calls stop too, so you can breathe easier as you prepare to start making payments on your debts at a better rate of interest.
Bankruptcy court will send a notice of your petition to each of your creditors and assign a trustee to oversee your case. The trustee appointed by the court will monitor your case, review your petition and make certain that everything is in order before scheduling a meeting with your creditors. Approximately one month after your case has been filed, the bankruptcy court will hold the meeting with your creditors and take a closer look at the plan OBryan Law has proposed for you to pay back creditors. The meeting is informal and typically lasts no more than 10 minutes. You’ll be required to attend the meeting and testify under oath as to the accuracy of the statements in your petition.
Except in cases of embezzlement, fraud, larceny or willful or malicious injuries caused, creditors will typically accept the terms of the Chapter 13 petition and will allow you a reduction in the amount you originally owed, as well as a reduced rate of interest. This will give you 3-5 years to start paying off the debt in terms that are geared toward your financial status, so you’ll start making real progress in paying down your debt.
Once you successfully complete your repayment plan, you’ll receive a discharge which will serve to eliminate any portion of the debt that was unpaid, provided it was a dischargeable type of debt. Imagine the tremendous feeling of relief that will be yours when your financial obligations have been successfully fulfilled and you’re ready to start building a new financial future for you and your family!
OBryan Law will be there every step of the way, from credit counseling to rebuilding credit after the fact. Find out more about Chapter 13 as an alternative to debt consolidation in New Albany. OBryan Law Offices helps people file for bankruptcy relief under the Bankruptcy Code as a means to take control over mounting debt through successful repayment of obligations on their own terms. Discover the advantages of Chapter 13 over debt consolidation. New Albany bankruptcy pros from OBryan Law are ready to help- call 502-400-4020 or visit Live Chat to learn more.Debt Consolidation New Albany
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