Get Back On Track With Chapter 13 Bankruptcy
Overwhelming debt can be the result of a lost job, car accident or family emergency. No matter the reason, you may need a solution when debt payments become unmanageable. Chapter 13 bankruptcy can be a sensible financial solution to repay creditors. It is a long-term plan to help you get back on track with your finances. At Martinez Law Firm, LLC, our bankruptcy lawyer can help walk you through the process of filing for Chapter 13 bankruptcy.
A Financial Plan For The Future
Chapter 13 bankruptcy is an alternative to Chapter 7 bankruptcy; it allows you to reorganize your debts in a more manageable fashion. At the end of your payment plan, the remaining debts will be discharged. Your circumstances will determine the length of the plan, but it will never be longer than five years.
Just like in Chapter 7 bankruptcy, you will be protected from any direct contact by creditors during your payment plan. This can be a huge relief for those facing calls and letters every day. During your plan, you will make one payment per period and that payment will be distributed out to individual creditors by a third party.
Benefits Of Chapter 13 Bankruptcy
One of the most significant benefits of Chapter 13 is that you may keep most of your property, rather than liquidating it. People can generally keep their homes and vehicles. Under Chapter 13, you are safe from foreclosure proceedings and may even cure delinquent mortgage and vehicle payments over time.
Another benefit of Chapter 13 bankruptcy is that it has a shorter impact on your credit report. Chapter 13 is shown on your credit report for seven years while Chapter 7 remains for 10 years. This can be important for individuals who need a healthy credit score for housing, credit cards or a new vehicle.
Schedule An Appointment To Learn More
Our experienced bankruptcy attorney can help you determine if Chapter 13 bankruptcy is the best answer for you. Se habla español. Contact our office in Lakewood, Colorado, today for a free consultation at 720-889-3355 or schedule an appointment online.