CHAPTER 13 BANKRUPTCY
Reorganize Your Debt & Take Back Control
Chapter 13 bankruptcy can give you a chance to consolidate your debts and pay back your creditors as part of a payment plan. These plans last from three to five years and require you to abide by their terms to maintain the protection of the bankruptcy order.
For people who do not qualify for Chapter 7 or who need to protect property that would be sold off under Chapter 7, Chapter 13 provides another way out from under crushing debt. Chapter 13 is also useful if you have a loan, such as a car loan or home mortgage, that is in arrears. You can catch up on your loans by adding them into the payment plan established for you.
At Andress | Inzina, our attorneys have extensive experience protecting people who are going through financial hard times. We will work closely with you throughout the process to make sure you are put in the best possible place to succeed. We can help you seek the many potential benefits of Chapter 13 bankruptcy, including:
Protecting your house from foreclosure
Getting your mortgage payments back on track
Getting out from under high-interest rate loans
Stopping the endless practice of paying only interest while the principal remains the same
Catching up on child support or spousal support arrears
Paying off back taxes and avoiding IRS problems
Crafting a Plan That Works for You
Reorganization under Chapter 13 can be a complex process. Every case is different, and the result depends on several factors. The entire process is dependent on your ability and willingness to follow the plan once it is in place.
When you work with us, we will explain exactly what you need to succeed. You will leave with a clear understanding of all the requirements you must meet to complete the process. That includes the payments you must make on time, every time.
We will explain what to expect in dealing with the bankruptcy trustee throughout the process. Your success is important to us and we will do everything in our power to maximize the benefits available to you under Chapter 13.
Understanding the Process
After your initial conversation with us, we will put everything together and review the filing with you. After that, we will file your bankruptcy and the court will schedule the creditor’s meeting.
There is then a second hearing in court with the judge. If there are no objections to the plan and the plan payments are current, then there may not be a formal hearing. The confirmation would be granted on what is called the “NOA” docket (no oral argument).
If you must attend the confirmation hearing, it is here where the judge decides whether to confirm the plan. Sometimes a judge confirms or gives more time to make changes, and sometimes. On occasion, if the case has been dragging on without much progress, a judge might dismiss or convert the case.
For your best chances at success during this process, ensure you remain current on your payments and follow our lead as we guide you along.
Pitfalls of Chapter 13
After many years of practicing bankruptcy law, it is clear to me that bankruptcy can make a tremendous difference in people’s lives. Chapter 13 can help you protect your assets and regain control of your financial future. To do that, you must be committed to the process.
The consequences of failing to live up to your end of a Chapter 13 reorganization plan can be significant. That said, in most circumstances, there may be an opportunity to respond to, object to and/or change your plan based on your changed circumstances.
While it is vital that you stay current on your plan, one missed payment may not mean the end of your plan. To best protect yourself and your property during your plan, stay in contact with your attorney and be honest about your situation always.
Schedule a Free Consultation Today
When debt threatens to take everything you’ve worked so hard to build, it is hard to know where to turn. You have the right to pursue relief by filing for bankruptcy. Bankruptcy is a powerful tool and can solve many financial problems.
At Andress | Inzina, we can explain your rights and your options. We can give you the personal attention and caring advice you need to get a fresh start.
Contact us online or call one of our offices today to discuss your bankruptcy situation in a free consultation.