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Looking at Chapter 13 Bankruptcy

Are you considering filing for Chapter 13 bankruptcy? Often called "wage-earners bankruptcy," Chapter 13 can be an effective heavy debt solution for people who have a fairly high income and substantial valuable assets. While paying off a specified portion of your outstanding debt, it provides relief from creditor abuse, spiraling interest rates, late payment fees and much more, plus the chance of a new start. A caring and experienced attorney who understands every aspect of Chapter 13 debt relief and can help ensure your case is filed correctly, efficiently and timely.

Paying Off Debts Through a Plan

In a Chapter 13, you set up an affordable payment plan worked out with the bankruptcy court. All your unsecured debt is combined into one category, and a monthly payment amount is calculated based on your disposable income. The amount of the monthly payment and the term of payments differ for each debtor based on a number of factors, including

  • Monthly income (calculated as the average over the past 6-months),
  • Monthly expenses (calculated as the average outgo over the past 6-months),
  • Current overall debt, and
  • Whether the debt is secured or unsecured.

A Chapter 13 plan is designed to guarantee your basic living expenses, such as house payment, car payment and utility bills. Then, the majority of your income, remaining after expenses, is used to pay your unsecured debt, with a term of between 3 to 5 years. Your unsecured debt is subject to debt settlement. Filing a Chapter 13 requires you to submit a detailed budget to the court and to the trustee who will administrate your plan. Most trustees will help you set up an automatic draft from your bank account to make your monthly payment. At Price Law Group the legal team has helped tens of thousands of people just like you eliminate debt and secure a brighter future.

The Benefits of Chapter 13

  • Foreclosure prevention and the opportunity to catch up missed payments over time as part of your payment plan.
  • Wage garnishment, bank account attachments and lawsuits cease.
  • Repossessions may be halted.
  • Once your plan is complete, any remaining unsecured debt is discharged.
  • Interest on unsecured debt is cancelled. You pay only the principal, no interest.
  • Possible cancellation of second or third mortgages unsupported by equity. These would be converted into simple unsecured debt, bundled with other unsecured debt and paid as part of your payment plan. This results in lower monthly mortgage expense.

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