Are you in over your head in debt? Are you unable to make ends meet? Are you worried about creditors taking your home and car? If so, bankruptcy may be an option for your family. There are a few types of bankruptcy you can file--Chapter 13 is one of the most popular options.
What Is Chapter 13 Bankruptcy?
This form of bankruptcy is a method of reorganizing debt which can allow individuals to meet their financial obligations without the worry of losing their home, car or other major assets. Under Chapter 13 bankruptcy, your debt is consolidated into a single monthly, interest free payment. You make your monthly payment to the bankruptcy trustee and the trustee’s office distributes payments to the different creditors included in your filing. The period of the repayment plan averages three to five years.
Chapter 13 can eliminate medical bills, credit card bills and other types of unsecured debt. It can also influence the repayment and interest structure of secured debt like mortgage and car loans.
Should I Work With A Lawyer To File Chapter 13 Bankruptcy?
While filing bankruptcy without an attorney is permissible by law and can be done, the success rate without legal help is low. The filing process is complex, as are the laws that govern it. For this reason, hiring a bankruptcy lawyer should be your first step.
A bankruptcy attorney can help you choose the right chapter to file given your specific financial concerns and circumstances, and most offer a free consultation. Fill out our Free Evaluation Form to connect with a Chapter 13 bankruptcy attorney who can help you.