Chapter 13

Benefits of Chapter 13 Bankruptcy

In some cases, filing for Chapter 13 bankruptcy can be the option that most suits the debt situation. This form of bankruptcy filing is for those who are making a paycheck, either as an employee or as a self-employed individual. Many individuals cannot qualify for Chapter 7 bankruptcy, due to their level of income or the value of their assets. If you are facing crushing debt, it is critical that you get legal representation from an attorney who can help you understand this form of bankruptcy.

This Chapter brings huge relief to debt-related problems, as you are given the opportunity to pay off back debt over a period of years, usually within a three to five year window. Often the amount owed is reduced and the payments made are much lower. There will be an end to the constant creditor calls and letters, as the court will ensure that the creditors know that you are in Chapter 13 and it is required that they no longer contact your regarding your outstanding debt.

Find Relief Through Chapter 13

If you are facing a home foreclosure, this form of bankruptcy could give you the time needed to deal with a loan modification and avoid losing your home. If you have overdue mortgage payments, you are usually given the opportunity to handle the outstanding payments over time. Once the filing is in process, all creditor problems will be “on hold” due to a legal “stay” of collection actions. This can last for several months, which gives you the opportunity needed to resolve mortgage problems.

At Rickman & Associates, the legal team can direct you to firms that will address the loan modification issue, or if a short sale or deed in lieu is the best legal action, an attorney will direct you to capable and fast-moving organizations that will assist you in resolving these issues. Filing for Chapter 13 bankruptcy can give you and your loved ones the relief that you need when facing dire financial situations.

With the assistance and legal advice from the attorney at their office, you can address the problems legally and move on to a fresh start without the ongoing stress of being hounded by creditors and worrying about your life after bankruptcy. The firm offers a free initial consultation is offered to discuss your case.