In Chapter 13 bankruptcy, you are allowed to pay off your debts in installments over a period of three to five years under a court-ordered repayment plan. Filed individually or jointly with your spouse, Chapter 13 bankruptcy gives you a fresh financial start. In a process that resembles loan consolidation, you make payments to a trustee who distributes the money to your creditors. This allows you to avoid further direct contact with your creditors. Once you have filed for bankruptcy, your creditors must immediately stop collections efforts, including harassing letters and phone calls.
One of the many advantages of filing for Chapter 13 is that you can save your home from foreclosure. An automatic stay stops foreclosure from progressing as soon as you file your Chapter 13 petition. You are given the opportunity to cure delinquent mortgage payments over a repayment period. Chapter 13 includes development of a plan that includes a reasonable schedule for bringing your past-due payments current, allowing you to keep your home. Robert E. McRorey, Attorney at Law has 29 years of experience and knowledge with foreclosure matters that the firm puts to use to protect homeowners during the bankruptcy process.
A Chapter 13 plan restructures your secured debts so that you can pay them over a longer period, often in lower payment amounts. In addition, it may be possible to protect co-signers of certain loans to avoid putting business partners and family members at risk of loss from your bankruptcy. We will do a complete analysis of your financial situation to develop strategies and identify your best filing options.