Chapter 13 Bankruptcy

Chapter 13 Bankruptcy can also be called a structured repayment plan. It provides more flexibility, covers more kinds of debt and gives you more options than a Chapter 7 bankruptcy. However it also takes longer and is somewhat more complicated. A Chapter 13 Bankruptcy is a three to five year process, so you’ll want to make sure you have the right attorney at your side.

In a Chapter 13 bankruptcy filing, we help you figure out how much money you need to live on each month. We subtract all reasonable expenses from your income and just use disposable income you have to pay off debts. That means that creditors can’t demand more from you than you can afford to pay. You pay only one bill, through the Bankruptcy Trustee, and it’s a payment you know you’ll be able to afford. No more harassing phone calls or trying to decide which bill to pay!

Why would I choose to file Chapter 13 over Chapter 7?

Our office typically helps people and businesses file for bankruptcy under Chapter 13 or Chapter 7 of the Bankruptcy Code. Most people are familiar with the basics of Chapter 7 Bankruptcy, but why would you choose to file under Chapter 13? Chapter 13 usually takes longer and is more complicated than filing Chapter 7. But there are several really good reasons to choose Chapter 13. Here are the basic reasons:

  • If a debtor wishes to protect non-exempt property from liquidation that would be lost in a Chapter 7.
  • The debtor is behind on auto or house payments and needs to cure the arrears over time.
  • Debtor wishes to modify the secured debt on a vehicle or mobile home.
  • Debtor is not eligible to file Chapter 7 or to obtain a Chapter 7 discharge.
  • The debtor is seeking a super discharge provided for under Chapter 13 which may discharge debt not dischargeable in Chapter 7.
  • The debtor wishes to protect a co-debtor on consumer debt from legal action.
  • The debtor needs to avoid interest payments on federal or state taxes.

Deciding if Chapter 13 bankruptcy is right for you.

Basically, Chapter 13 is longer and more complicated, because it can give you more options.  Are you behind on house payments, student loans or taxes? Are you trying to protect a loved one who may have co-signed a loan? Do you have property that might be forfeited if you file Chapter 7 bankruptcy? You may be able to modify or adjust your debts, even debts that may not be discharged by a Chapter 7 bankruptcy. For any of these reasons you’ll want to talk to Kevin J. Rank, because you might want to file Chapter 13 bankruptcy. You’ll want his experience and advice today and all along the way.

At Rank & Associates, P.C. we’ve filed Chapter 13 bankruptcy on behalf of countless individuals and  businesses and helped them take back their future. We provide a free consultation to see if Chapter 13 Bankruptcy is right for you, so you’ll feel confident filing. Let us help you, call us today.