If you are facing foreclosure or have assets that need protection, Chapter 13 bankruptcy might be a good fit. In Chapter 13 bankruptcy, the attorneys from Schmeltzer Law will help you build a payment plan to repay some of your debts over time. This allows you to set up a budget for your normal living expenses, and receive assistance from the Trustee to coordinate the repayment. We may be able to help you eliminate second mortgages, or to reduce the amount you owe on other loans, based on the value of the asset.
This process brings additional benefits over a Chapter 7 bankruptcy, in that more types of debts can be discharged or eliminated, and that the impact on your credit will be of a shorter duration. You may be able to reduce the amount you owe on your car by getting the principal adjusted to the fair market value of the car today, and may be able to limit the interest rate on your car loan. You can often stop foreclosure, and protect significant equity that you may have in your home or other assets.
Student loans may also be able to be discharged under a Chapter 13 bankruptcy. While this type of debt is not easily discharged, recent changes have made the option obtainable by a larger number of debtors.
Schedule a free 20-minute consultation with one of our bankruptcy experts to see what option is right for you.
Chapter 13 bankruptcy can address:
– Medical bills
– Credit card debts
– Auto loan issues (while you retain the vehicle)
– Mortgage issues (including foreclosure actions, prior to sale)
– Debts to the IRS or other government agencies
– Student Loans (under certain circumstance, and with additional actions)