Chapter 13 Is The “Repayment” Bankruptcy
Chapter 13 bankruptcy offers a way out of debt through repayment. It is the right choice for many people because it allows an individual or couple to keep most of their assets. In order to file for Chapter 13, however, a consumer must meet certain criteria. Working with an experienced attorney is a good way to ensure that you are not only filing for the correct type of bankruptcy, but also that you do not make any costly mistakes along the way.
I am lawyer Michael E. Eisenberg. In the nearly three decades that I have been practicing bankruptcy law, I have come to know state and federal laws very well. I provide intelligent legal advice to each one of my clients, so they feel confident throughout the bankruptcy process.
What Is Chapter 13?
Unlike Chapter 7, which discharges all or most debts, Chapter 13 allows a consumer to establish a debt repayment plan that usually lasts three to five years. Those who file Chapter 13 usually keep most or all of their assets, often including a home that is in foreclosure.
In order to file for Chapter 13, an individual or couple must have a steady income, and their income must be high enough to pay living expenses in addition to the payments related to bankruptcy. After the repayment period is over, the remaining debts are discharged.
Modifying A Repayment Plan
There are situations in which modifying a Chapter 13 repayment plan may be necessary. For example, a job loss or medical emergency may make it very difficult for an individual to continue making full payments. In situations like this, modifying the repayment plan may be the best approach. I will work with you to determine if a modification make sense in your case.
Contact Me Today
Bankruptcy can be an overwhelming experience, but I am here to help. Contact my Hatboro, Pennsylvania, law firm today at 267-728-4535 or toll free at 800-851-2534 to schedule a free consultation. You can also contact me online.
We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.