Yes! If you need to file for Chapter 13 bankruptcy, you can keep your property.
Chapter 13, also known as the wage earner’s plan, is a type of bankruptcy filing that serves as a reorganization of your debt. Rather than liquidate your assets to pay off some or all of your debt like Chapter 7 bankruptcy, Chapter 13 sets up a system of payments to be made towards your debt.
You may be a candidate for filing Chapter 13 if you have non-exempt assets that may otherwise be liquidated under Chapter 7, if you own your own business, or have fallen behind on your mortgage or car payments.
How does Chapter 13 work?
Under Chapter 13, you will work with one of our attorneys to set up a regular payment schedule to pay creditors through an assigned trustee. As soon as you file, your property will be protected. Any pending foreclosure proceedings and wage garnishments will be halted. Perhaps best of all, creditors have to stop harassing you, or face some serious fines.
What can I expect from my payment plan?
The length of the payment plan can vary, but is typically anywhere from three to five years. The plan arranged will address your continuing mortgage and car loan payments, if applicable, and can assist you in getting out of unaffordable debt consolidation contracts. In some cases, you may be able to negotiate a mortgage modification or interest rate adjustment to assist with the abatement of your debt.
Filing for bankruptcy can be a complex task, but our team of experienced professionals is here to help guide you through the Chapter 13 process. Contact our team today.