Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is generally known as debt reorganization. Chapter 13 develops a three or five-year repayment plan, which allows you to pay off debts over time. Upon successful completion of the repayment plan, remaining unsecured debt may be discharged. Chapter 13 bankruptcy may be available to those individuals who do not qualify for under Chapter 7 due to the income or assets, or those who wish to keep their real estate, but would be unable to under Chapter 7. Some individuals may choose to file a Chapter 13 Bankruptcy to discharge debts that are non-dischargeable under Chapter 7.
Foreclosure is a procedure in which creditors take your home or real property. Filing for bankruptcy puts automatic stay into effect, which forces creditors to cease collection activities, or face fines for violating the stay. Filing a Chapter 13 Bankruptcy may allow you to make up past due payments through the repayment plan that will be established so that you can be current on your mortgage at the end of the plan.
The Help You Need
Bankruptcy attorney Stephanie Flynn Law can help you regain control of your finances by establishing a repayment plan. Contact bankruptcy lawyers at Stephanie Flynn Law or call (402) 325-8469 to discuss how filing for bankruptcy can help you.
Stephanie Flynn Law is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.