Have your credit card balances or medical bills gotten out of control?
Are you being threatened with wage garnishment or other debt collection actions?
Do you make too much money to file Chapter 7?
Chapter 13 bankruptcy may be a solution. We can advise you on your Chapter 13 options and guide you through the process. If you are in debt over your head but are ineligible for Chapter 7 bankruptcy or have assets that would be liquidated if you filed Chapter 7, you have another option. Chapter 13 bankruptcy allows you to put your debts on a court-ordered payment plan. Right now, your creditors are in control, dictating the repayment terms for your debts. Chapter 13 puts a trustee in control, with the goal of setting up payments you can afford.
Under a Chapter 13 payment plan, you may be able to reduce the total amount you owe on unsecured debts, and you can repay your debts over the course of three to five years.
When you file Chapter 13 bankruptcy, you will get immediate protection from creditor harassment, garnishment, foreclosure and repossession. This automatic stay will remain in place throughout the process, as long as you comply with the terms of the payment plan. Chapter 13 may be a first step toward reorganizing your finances so you can make a fresh start. If you become eligible for Chapter 7 during the process, it may be possible to convert your case at that time.