CHAPTER 13 BANKRUPTCY

CHAPTER 13 | CHAPTER 13 PROCESS | AUTOMATIC STAY AND DISCHARGE INJUNCTION |
INDIVIDUAL OR JOINT FILING | NONDISCHARGABLE DEBTS | WHICH CHAPTER IS BEST FOR ME?

CHAPTER 13 PROTECTS YOUR PROPERTY AND STOPS CREDITOR HARASSMENT AND REDUCES YOUR DEBTS

Chapter 13 Bankruptcy provides significant relief to Debtors who need additional time to pay their debts or otherwise cannot file a Chapter 7 Bankruptcy case.  A Chapter 13 Bankruptcy enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

Advantages of A Chapter 13 – Chapter 13 Bankruptcy offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the Chapter 13 Bankruptcy plan on time. Another advantage of Chapter 13 Bankruptcy is that it allows individuals to reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the Chapter 13 Bankruptcy plan. Doing this may lower the payments. Chapter 13 Bankruptcy also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers. Finally, Chapter 13 Bankruptcy acts like a consolidation loan under which the individual makes the plan payments to a Chapter 13 Bankruptcy trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under Chapter 13 Bankruptcyprotection.

Eligibility –   Any individual, even if self-employed or operating an unincorporated business, is eligible for Chapter 13 Bankruptcy relief as long as the individual's unsecured debts are less than $360,475 and secured debts are less than $1,081,400.  These amounts are adjusted periodically to reflect changes in the consumer price index.  An individual cannot file under Chapter 13 Bankruptcy or any other chapter if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens.

CHAPTER 13 BANKRUPTCY RESTRUCTURES YOUR DEBTS AND GIVES YOU TIME TO PAY THEM
Chapter 13 Bankruptcy provides protection from Creditors and allows the Debtor time to pay his debts.  If you are struggling with debt problems, a Chapter 13 Bankruptcy will allow you to:

Stop creditor harassment – Creditors are relentless. They call constantly and send harassing letters.  They call your employer, family and friends.  They even threaten to file suit dragging you through the court system.  Bankruptcy may be the answer. When you file Bankruptcy, all collection efforts must stop.  You can put and end to the harassing phone calls, letters and threats.  Call Steven J. Brody & Associates, Ltd. today and schedule a  free initial consultation – 815-479-8800. - Contact Us

Stop Home Foreclosure – Mortgage lenders are filing more foreclosure suits than ever.  If you aren’t paying your mortgage the lender will surely seek to foreclosure your mortgage and take your home.  You and your family may be forced to move quickly.  However, a Chapter 13 Bankruptcy can stop the foreclosure, give you time to catch up the past due payments and save your home.  Call Steven J. Brody & Associates, Ltd. today and schedule a  free initial consultation – 815-479-8800. - Contact Us

Stop Repossessions – Automobile lenders are repossessing vehicles at a faster pace than ever.  A Chapter 13 Bankruptcy allows the Debtor time to catch up the past due payments and may even reduce the amount due to the lender.  Call Steven J. Brody & Associates, Ltd. today and schedule a  free initial consultation – 815-479-8800. - Contact Us

Eliminate Second Mortgages – Second mortgages and other junior mortgages may be stripped off and eliminated through a Chapter 13 Bankruptcy.  The drastic fall in home values has wiped out the mortgage holder’s equity in many second mortgages and other junior mortgages.  Chapter 13 Bankruptcy allows these mortgages to be stripped off and eliminated.  The Creditors would then be treated as an unsecured Creditor and, in many cases, only be paid a small fraction of the amount otherwise owed.  Call Steven J. Brody & Associates, Ltd. today and schedule a  free initial consultation – 815-479-8800. - Contact Us

Restructure most debts – Credit card, medical bills, loans, utility bills and most other debts are restructured and paid over time through one monthly payment.  Call Steven J. Brody & Associates, Ltd. today and schedule a  free initial consultation – 815-479-8800. - Contact Us

Stop Lawsuits and Wage Garnishments –  Creditors who are unable to collect debts through collection letters or harassing collection calls often resort to lawsuits and wage garnishments to collect debts involuntarily. Court appearances and wage garnishments are embarrassing at best. The creditors take your hard earned money to pay the bills you can no longer afford.  They make it harder for you to pay all your other bills with what little income is left.  You can stop lawsuits and  garnishments immediately by filing Chapter 13 Bankruptcy.  Your debts will be restructured  and you will be able to pay those debts with one monthly payment.  Call Steven J. Brody & Associates, Ltd. today and schedule a  free initial consultation – 815-479-8800. - Contact Us

Stop IRS and Other Tax Collections – If you owe taxes you know that the IRS is a persistent creditor.  The IRS will take your future tax refunds, garnish your wages, levy on your bank account and put liens on your property.    Contrary to common belief, often times taxes can be discharged in Bankruptcy.  Don’t let the IRS take your money needlessly.  A Chapter 13 Bankruptcy will stop the IRS action and allow you to pay over time with one monthly payment.  Steven J. Brody & Associates, Ltd. today and schedule a  free initial consultation – 815-479-8800. - Contact Us

Prevent Further Late Payments and Penalties – Creditors thrive on charging late fees and penalties.  However, in a Chapter 13 Bankruptcy the Creditors can no longer add on these fees and costs saving the Debtor substantial sums of money.

Call Steven J. Brody & Associates, Ltd. today and schedule a  free initial consultation – 815-479-8800. - Contact Us


Call Steven J. Brody & Associates, Ltd. today and schedule a  free initial consultation to determine how we may help you.

815-479-8800
info@sjbrodylaw.com

See our
DIVORCE
site
click here