Get Your Debts Under Control With Chapter 13 Bankruptcy
Call Today For A Free Case Evaluation

Those who have a regular, significant income are still eligible for the relief available from bankruptcy; they just need to approach the process differently. This chapter is not as strict or severe as other chapters, and allows for a wider range of consumers to seek a financial fresh start. Rather than discharging unsecured debts, this chapter restructures your debt into a payment plan that allows you to repay all or part of your debt through one, affordable monthly payment.

If you find yourself behind on your mortgage payments, car loan, or other secured debt payments, a chapter 13 bankruptcy will give you an option for getting back on track. In a chapter 13 bankruptcy, you have the option of surrendering assets that are security for a debt, such as real estate or vehicles, and be forgiven of the debt. Or, you may choose to retain the asset, as long as you are capable of paying the regular monthly payments. If you are behind on payments, the arrearage amount will be included in the bankruptcy plan to allow you to catch up the arrearage over the three to five year plan term.

Under chapter 13, you are required to submit a proposed payment plan to the courts that delineates your intention to repay specific debts and how you plan to accomplish it. This involves outlining each of the creditors, what you owe, and how you will pay them. This plan can be structured over three to five years. Once the plan is approved, repayment can begin.

After the plan is complete, any remaining debts are discharged. Certain debts cannot be included for discharge in chapter 13 bankruptcy, including secured debts, federally obtained debts, and debts accrued from illegal activities, support obligations, and most student loans.

Our team at Imblum Law Offices will, also, be able to assist you to obtain mortgage modification, either through your present mortgage company, or with the help of the court. Successful mortgage modifications can result in your arrearage being put back into the loan. A mortgage modification may, also, reduce your interest rate and / or extend the term of your mortgage, thereby, reducing your monthly mortgage payment.

FREE Telephone Consultation

If you are considering bankruptcy, and think chapter 13 may be the ideal choice for your needs, or are confused whether chapter 7, chapter 13, or another chapter may be right for you, give us a call for a FREE telephone consultation. We will discuss your financial needs and give you honest recommendations for your best option.

Get in touch with us to schedule your consultation!

Put your confidence in the over 30 years of experience behind our skilled and knowledgeable team.