STRAIGHTENING OUT YOUR DEBTS UNDER CHAPTER 13 | Bankruptcy Lawyer in Omaha explains the ins and outs of Chapter 13 relief
Are you always trying to catch up with your debts and always falling behind? Was your income interrupted by a layoff or a medical emergency? Are you stuck with debts from a time when you were making more money than you are now? Are you facing foreclosure, repossession or other serious consequences?
At John T. Turco & Associates in Omaha, we are here to help you get back on your feet. Our experienced Nebraska and Iowa attorneys will look into your individual financial circumstances to determine whether Chapter 13 bankruptcy is a good option for you. Just contact us to schedule a free initial consultation.
Gaining Important Protections by the Bankruptcy Court
Under the Chapter 13 bankruptcy reorganization process, you can place all of your eligible debts on a three- to five-year repayment plan, rather than paying them on your regular payment schedule. By making an affordable monthly payment, you can gain the following benefits, among others:
- Protect your equity in a house, car or other asset
- Buy time to cure a mortgage default
- Reduce what you owe on some car loans and second or third mortgages
- Pay back an IRS debt without interest or penalties
- Discharge a property settlement to an ex-spouse
For debts that are eligible for discharge in Chapter 7 bankruptcy, such as credit card debts and medical bills, you will generally end up paying only a small percentage in Chapter 13. The rest will be discharged if you successfully complete the payment plan.
Calculating a Reasonable Monthly Payment
Chapter 13 bankruptcy is not right for everyone. You need to have a steady source of income that can be used to calculate what sort of monthly payment would be reasonable for you. The goal is to ensure that you are able to pay your living expenses as well as your bankruptcy payment every month.
Our experienced bankruptcy lawyers can help you determine whether Chapter 13 is a good plan for you. We are not just here to sign off on paperwork; we give honest, experienced advice on this important decision. Contact us to discuss your debt relief options.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.