Brunner Law Office, LLC
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Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is an option for people who have a steady income and can afford to pay some of the debts that they owe. Normally, people who file for Chapter 13 Bankruptcy are people who have encountered a temporary financial setback, such as temporary job loss, but who still have the ability to pay back a portion of their debts.
Catch Up on Your Bills and Stop Harassing Collection Activity:
During a Chapter 13, you work with the Bankruptcy Court to set up a repayment plan that you can afford so that you can get caught up with your bills over a three to five-year period. While under the protection of the Chapter 13 Bankruptcy, you can catch up on your bills without having to worry about harassing collection activity including:
• Phone Calls and Letters from Bill Collectors and Creditors
• Wage Garnishment
• Car Repossession
Save Your House or Your Car:
If you have fallen behind on your mortgage or car payments, you can save your house or car by filing for a Chapter 13 Bankruptcy. Through a Chapter 13, you can catch up on all your past-due bills over a three to five-year repayment period. Once you file for Chapter 13 Bankruptcy, you must still continue making your regular mortgage and/or car payments. If you decide that you can no longer afford the the property, you can surrender the property to the creditor through the Bankruptcy.
How to Qualify for Chapter 13:
In order to be eligible for a Chapter 13 Bankruptcy, you must make enough money to pay for your reasonable living expenses and still have enough left over to make payments to catch up on any debts that have become past-due. In a Chapter 13 Bankruptcy, you make a monthly payment to a Trustee who is assigned to handle your case. The Trustee will collect and distribute your monthly payments to your creditors to pay back your past-due debts.
Why Can't I Eliminate My Debt in a Chapter 13?
Normally, people who file for Chapter 13 Bankruptcy are people whose household income is too high to make them eligible to file for Chapter 7 Bankruptcy. Due to their income, the Bankruptcy Court will require these people to pay back a portion of their debt instead of completely eliminating their debt. We will set up a repayment plan through the Bankruptcy Court so that all or part of the debts can be paid back to creditors over a three to five-year period.
Contact Us to Explore Your Options:
If you are interested in learning more about Chapter 13 Bankruptcy, feel free to contact us to schedule free consultation. We can answer all your questions and provide you with additional details about the Chapter 13 process. We will provide you with the information you need to determine if filing for Bankruptcy is the best option for you.