Filing Chapter 13 Bankruptcy
Attorneys at Price Law Group are unwavering in their dedication to helping people weighed down by crushing debt. They know that there are many reasons for debt in these economic times, and are committed to helping each individual client get financial relief. To find out how they may be able to help you file a Chapter 13 petition or enter into another type of debt relief plan, please contact our firm immediately.
Benefits of This Form of Bankruptcy
Chapter 7 and Chapter 13 actions are the most common types of
bankruptcy filed under federal law. Chapter 13, also referred to as the "wage-earner's bankruptcy" provides a way to achieve a new financial start, but unlike Chapter 7, requires payment of some outstanding debts. Here is how it works: unsecured debts, such as credit cards, are combined and a payment plan is developed based on a calculation of disposable income. You will still have enough money remaining to make payments on secured debt, such as house payments and car payments and at the end of the 3-5 year plan, the debt to those creditors is wiped out, even if they are not completely paid off.
Some benefits to a Chapter 13 bankruptcy filing include:
- Saving your home from foreclosure
- Restructuring secured debts (except a primary residence)
- Protecting third party co-signers
- Making payments to a trustee
- Freezing interest and penalties on taxes
In a Chapter 13 bankruptcy you must complete a means test to determine eligibility and then submit a detailed budget to the court and the trustee. This complicated process is best not attempted without the aid of skilled attorneys.
Getting the Help You Need
In 20 years of experience in bankruptcy law, attorneys at our firm have assisted thousands of people with their debt relief needs, earning them the respect of clients and courts alike. We understand the difficulties you face in deciding to file for bankruptcy and have the skills, the resources and the desire to look out for your best interests at this stressful time. Our legal team invites you to schedule a free initial consultation as soon as possible.