Chapter 13 Bankruptcy

What Is Chapter 13 Bankruptcy?

If you are about to lose your house or car, a Chapter 13 Bankruptcy might save it. The bankruptcy attorneys in your community sponsored by StraightBankruptcy.com can stop many foreclosures and repossessions– even in emergency situations. Even if your car has already been repossessed, our attorneys can usually get it back for you within 2 days of filing. Consult with a local bankruptcy attorney immediately to discuss whether a Chapter 13 bankruptcy can work for you. 1 (800) 353-5792.

How Does Chapter 13 Bankruptcy Work?

Chapter 13 bankruptcy is known as the "wage earner's plan" meant for people who make a reasonable income but are overwhelmed by debt and are late on house or car payments. The bankruptcy court consolidates all of your debts, and you are put on a flexible schedule of payments for 3-5 years. You make payments to a trustee, who then pays your creditors. At the end of that period of time, any remaining debts are discharged, or wiped clean.

Keeping Your Property With Chapter 13 Bankrutpcy

The main advantage of a Chapter 13 bankruptcy over a Chapter 7 bankruptcy is that you get to keep much of your personal property. In most states, this includes a home and a vehicle for each adult in your household of driving age. It also includes bank accounts, retirement accounts, and other assets that are deemed exempt.

Lower Payments Because Of Chapter 13 Bankruptcy

When going through Chapter 13 bankruptcy, you have to keep making payments. But for many secured debts, which include mortgages, car payments, and anything else that involves collateral, you can reschedule payments so that they are lower each month and sometimes with better interest rates.

Contact Us About Chapter 13 Bankruptcy

Schedule an appointment with a local bankruptcy attorney soon for a consultation with the experienced bankruptcy attorneys of StraightBankruptcy.org. We can answer your questions and analyze your situation. Let us assist your with the fresh start you deserve.