The answer to getting out of debt begins here

A chapter 13 bankruptcy is a bankruptcy in which you will be required to set up a payment plan in order to help you pay your past debts. The benefit of this one is that it does not require you to sell off all your nonexempt assets. The downside is that it is much more complicated and much more difficult to complete. The payment plan will last from three to five years. Once you complete the plan your remaining debts are discharged.

A chapter 13 filing is also popular because this is one of the ways a person can save their home that is in foreclosure, save their car from being reposed and to keep property that is considered exempt. The amounts that will need to be paid as set forth in the plan will be determined by several things. One of the most important factors is the disposable income. In order to file a chapter 13 you will need to show disposable income that could be used to pay the plan. This bankruptcy is usually used by people that make too much money and don’t pass the means test or the debtor wants to keep their assets.

One of the things that this chapter can provide is a program to help you save your home. In bankruptcy court the mortgage holder is much more motivated to resolve the foreclosure issue because their debt is at risk. This type of bankruptcy is also involved and time consuming.

What makes us different is that we walk you through every stage, making the process easier to deal with. At our law firm our first priority is you the client. Let our experience work for you.