Chapter 13 Bankruptcy Attorney Services
Chapter 13 bankruptcy is a plan of repayment which is customized for you by your bankruptcy attorney using the protection of the bankruptcy laws. If you can pay a portion of your debt but not all of it, or you can’t pay in the manner that your creditors want or as fast as they want, then a Chapter 13 bankruptcy can help by reducing and reorganizing the debts that you must pay.
Chapter 13 Bankruptcy: How the Process Works
Step One: During a free consultation, as your attorney, we will get the information necessary to decide what course of action is most appropriate for your situation. You can ask questions, tell your story, learn about fees and learn how the law will apply to your specific case.
Step Two: If bankruptcy turns out to be the appropriate course of action for your case, and you retain the Rosenberg Law Group, PLLC, you will receive a packet of forms and information to take home and fill out. Later, you will review it with an experienced legal assistant to make sure everything is filled in correctly.
Step Three: Your bankruptcy attorney will thoroughly review all the relevant documents with you and make sure everything is in order. After any necessary changes have been made, you will sign your bankruptcy papers.
Step Four: Your bankruptcy petition is filed with the court.
Step Five: Within 10 days, you will receive a response from the court setting a date for a meeting with your creditors and with a bankruptcy Trustee. At this meeting, the Trustee will ask questions about your income, assets, expenses and liabilities. Creditors may protest your bankruptcy at this meeting, but they rarely even show up.
Step Six: For a Chapter 13 bankruptcy, the bankruptcy trustee must review the feasibility and accuracy of the proposed plan, and creditors can object to the plan if they find it unreasonable.
Step 7: 90 days after your debt has been discharged run a credit report follow-up to ensure that your credit profile is accurate and your debts are gone for good.
Filing for Chapter 13 Bankruptcy
A Chapter 13 bankruptcy stops creditor collection actions such as foreclosures, repossessions, and wage and tax garnishments. It may also let you to keep your property by allowing you to make up missed payments and pay off certain debts through the bankruptcy repayment plan. If you can make payments, a Chapter 13 bankruptcy will allow you to pay what you can afford and protect as much property as possible.
Fact: Chapter 13 provides you with an alternative to the liquidation process of Chapter 7 bankruptcy.
Act Now. The Rosenberg Law Group PLLC will advocate on your behalf. In a difficult time, we offer the most competitive pricing for Chapter 13 Bankruptcy Services in Seattle. Contact us today!
Advantages of a Chapter 13 Bankruptcy
1. You can keep both exempt and non-exempt properties.
2. Debts that cannot be discharged by Chapter 7 can be reduced under Chapter 13.
3. Chapter 13 helps avoid wage garnishment.
4. Co-signers will be protected under this Chapter.
5. Foreclosure on a home can be delayed.
6. Offers the provision under which interest rates on certain loans can be reduced.
7. Payment term on most debts can be extended under Chapter 13.
Disadvantages of a Chapter 13 Bankruptcy
1. Chapter 13 bankruptcy will appear on your credit report for 10 years.
2. Borrowing a large sum of money may be difficult as creditors may question your credit worthiness.
3. The repayment period after Chapter 13 filing can restrict your usual living standards as you’re put on a strict budget.
4. Not all debts are discharged under Chapter 13.
5. Legal fees may be higher.
6. The amount of debt you can discharge under Chapter 13 is limited.
7. Stock brokers and commodity brokers are not allowed to file a petition under Chapter 13 bankruptcy.
We can help you weigh your options. Our goal is to help you protect your property and possessions from foreclosure and repossession, and provide the opportunity to help you reclaim you financial stability. Our attorneys, at the Rosenberg Law Group PLLC, will listen, evaluate, and provide you with the best options for you.
We offer a free consultation with our Bankruptcy attorneys.
Our attorneys are waiting to assist you. Fill out the Bankruptcy Intake Form by clicking here. Once you’ve completed this information, our attorneys will contact you to setup your Free Consultation.
If you have additional questions, contact us today!