You can reorganize your debts and be debt-free in 3-5 years in Chapter 13 bankruptcy.
The struggle to make minimum payments on credit card debts, meet mortgage and car payments and deal with the financial emergencies of everyday life can seem like it will never end. Chapter 13 bankruptcy gives people caught in that struggle an opportunity to get out of debt in a reasonable period of time – 3-5 years depending on the amount of debt and your ability to pay.
- As soon as you file for bankruptcy, the creditor phone calls and notices will stop. Refer all creditors to your attorney.
- Filing bankruptcy stops all financial actions against you –foreclosures, repossessions and garnishments will all stop while you and your attorney reorganize your debts and work out a payment plan.
- You will have an opportunity to cure defaults (past due amounts) on your mortgage and car payments.
- Debts to unsecured creditors (credit cards, medical bills and others) can be reorganized so that you owe less than you do now and have a specific time to pay.
- As soon as you file for bankruptcy, you can begin to rebuild your credit.
Because of interest and penalties, a lot of what you owe on unsecured debt is far beyond the amount you actually spent. Debt reorganization can set the amount to be paid, and your payments will be based on your ability to pay. Chapter 13 can give you a chance to get caught up in a specific period of time – from 3-5 years.
WARNING: Do not be taken in by debt consolidation promises. Do not send your money to someone you don’t know. Deal with a local, reputable lawyer whose work and fees are overseen by a federal judge. Chapter 13 decisions are binding on your creditors.
Call 1-877-ONE-DEBT and learn more about Chapter 13 bankruptcy.
Your circumstances are different from anyone else’s. That is why Bond & Botes bankruptcy lawyers give every client the personal attention they need and deserve. Make sure you know your rights and are prepared to make the important financial decisions that will give you a fresh start. Your initial consultation at our law offices is FREE.