Chapter 13Massachusetts, New Hampshire, Maine & Rhode Island Bankruptcy AttorneysCHAPTER 13 BANKRUPTCYNo one enjoys or even really expects to get in a situation where the bills seem to have "taken over." It used to be that a regular job, steady income and a good day's work with money in the savings account were the ingredients of financial stability and the "American dream." Things have changed however, due to the recent downturns in the economy. Now, for many, expenses and bills have become overwhelming. The largest percentage of the economy in history is facing foreclosure and the thought of not only losing their home, but being homeless and out on the street. There are, however, options. The monthly bills can be brought under control without losing your home or personal possessions.Chapter 13 Bankruptcy is often referred to as a "reorganization" Chapter, and it involves a repayment Plan that sets forth with specificity the manner in which debtors will settle their debts. This type of Bankruptcy establishes a payment Plan between the debtor and the creditor that is monitored by the U.S. Bankruptcy Court. Debtors can keep their homes, property and possessions, but must make reasonable payments according to the Court's terms over a 36 month (3 year) or 60 month (5 year) period. Choosing to reorganize under Chapter 13 Bankruptcy rather than liquidate under a Chapter 7 Bankruptcy does have some advantages. Specifically, a debtor filing Chapter 13 can immediately halt mortgage foreclosures and automobile sale or repossession, thus retaining valuable personal property. And, the monthly payments on unsecured debt can be appreciably reduced so that they are much more affordable, if not erased altogether. A Chapter 13 Bankruptcy allows individuals who have a steady source of income to pay part or all of their debts under protection of the Bankruptcy Court. If you file a Chapter 13, you file a Petition and a Plan with the Bankruptcy Court. The Bankruptcy Law requires that the payments you make through the plan to unsecured creditors have a value of at least what the creditors would have received if you had chosen to file a Chapter 7 Bankruptcy case. By filing a Chapter 13 Bankruptcy you are able to immediately:
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Please take a few minutes to explore the Biographies of our highly skilled and experienced Bankruptcy Attorneys. If you are facing foreclosure, harassing creditors, or overwhelming debt, we encourage you to Contact us to schedule a FREE initial Consultation with one of our experienced Bankruptcy Attorneys at one of our Ten (10) convenient office locations. There is no obligation. However, this FREE initial Consultation allows our Attorneys the opportunity to review your current financial situation, and offer you appropriate and effective options to meet your needs. At FAMILYLEGAL, your initial Consultation with one of our highly skilled Bankruptcy Attorneys is always FREE. Contact us NOW for immediate help with your Chapter 7 or Chapter 13 Bankruptcy.
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- Harassing collection calls
- Foreclosure actions
- Repossessions
- Wage garnishments
- Law suits & Court appearances
- Bill & collection actions
- Property attachments
- Feeling overwhelmed
- Your home
- Your car & motorcycle
- Your modest bank accounts
- Your retirement accounts (pensions/401k/IRA)
- Your personal property and possessions
- Your Recreational vehicles
- Your sanity and dignity
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Forclosures on the Rise It’s been years since rogue mortgage market collapsed causing . . .
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