Chapter 13 Bankruptcy Protection
Maybe you are facing foreclosure on your home, repossession of your car, or constant letters and collection calls from debt collectors for unpaid bills. You are probably wondering if there is anything you can do to stop all this, and start fresh. There is, and it is Chapter 13 Bankruptcy.
THREE things you NEED to know about the Chapter 13 Bankruptcy Code:
1. Repayment Plan on a fraction of your debt
2. Strip or cram-down your home equity lin of credit
3. Protects your assets
FIRST, it provides you with an opportunity to pay off your debts through a court approved Chapter 13 payment plan. The benefits to the court approved plan is that not only does interest, and late fees stop forever, but you only pay back a fraction of your debt.
SECOND, if you have a home equity line of credit, and you owe more than your home is worth, Chapter 13 Bankruptcy can “strip” or “Cram-Down” that line of credit. Essentially eliminating that debt, and you would not have to pay it back in your Chapter 13 bankruptcy plan. In contrast,Chapter 7 Bankruptcy allows you to immediately wipe out many debts, but in exchange, you must give up any property you own that is not protected by state or federal exemption laws.
THIRD, benefit to Chapter 13 Bankruptcy filing. Asset Protection. You are allowed to keep more of your assets in a Chapter 13 bankruptcy petition than with a Chapter 7 Bankruptcy filing. Chapter 13 bankruptcy allows you to keep your home, car and other assets that my not be exempt or protected in a Chapter 7 Bankruptcy filing. Although both are great options there are differences between them. Our bankruptcy attorneys are experts at knowing the differences between the two. This is why you need to contact us TODAY! At Suris & Associates, we provide EVERYONE with a FREE and CONFIDENTIAL bankruptcy consultation. For us to help you, we need to get a better understanding of your current, and future financial situation. This will allow us to help you decide if Chapter 13 or Chapter 7 Bankruptcy is the best option for you.
A common scenario in which a debtor will utilize the Chapter 13 option is when the debtor is behind on their mortgage payments. Chapter 13 bankruptcy will stop foreclosure proceeding and give the debtor the right to pay back the past due payments over a period of up to sixty (60) months. As part of the payment plan, a debtor is required to pay back a percentage (or all) of the unsecured debt. Does this sound familiar? If so, then contact us. We are here to help.
Please contact the bankruptcy attorneys of Coughlin Rainboth Murphy and Lown CALL 603-431-1993 or CLICK HERE TO REQUEST A FREE BANKRUPTCY CONSULTATION and we will arrange for a free and confidential consultation. We will help you determine where you stand financially, and what bankruptcy options are in your best interest.