Chapter 13 bankruptcy is an useful tool for those who may not qualify for Chapter 7. Chapter 13 is a repayment plan, (think consolidation) which is supervised by the bankruptcy court and a chapter 13 bankruptcy trustee. Simply, you make a monthly payment to a court appointed trustee who then divides the payments between your creditors. Your monthly payment is the amount you have left in your monthly budget at the end of the month, after you pay for all of your normal monthly living expenses and necessities. In many instances, you can pay your unsecured creditors just pennies on the dollar. These payments can be spread out over the next three to five years, which makes it a lot easier to manage.
The Terry Leeders is an aggressive attorney who has successfully represented Chapter 13 clients who were able to discharge their debts by having to pay as low as only ten cents on every dollar of debt they had, often with no interest!! This can save you thousands of dollars every year.
Benefits of filing Chapter 13:
- Stop foreclosure
- Stop repossession (sometimes even get your car back!)
- ‘Cram-down’ the amount owed on your car if you owe more than the car is worth
- Lower your interest rate that you are paying on your car, furniture, appliances and other big ticket items
- Ability to pay back a percentage of the total det on your credit cards, loans and medical bills a (anywhere from 10% to 100% and often with no interest) based on how much money you have left over at the end of the month
- Deduct your payment directly from your paycheck to avoid having to send money orders every month
- Stop creditors from suing you
- Stop the freeze on your bank account
- Stop utility shut off and can re-establish service
- Stop the suspension of your driver’s license for unpaid tickets or accident claims
- Discharge hundreds and thousands of dollars of debt
- Discharge certain tax liability
- Remove judicial liens and tax liens on your home
- Discharge your obligation for any cosigned debt
- Discharge certain over-payments of government debts, like unemployment and public aid
Leeders Law will consult with you, one on one to assess your financial situation. We will educate you on the bankruptcy process. We will show you how to successfully complete your case. We work with you and for you for the duration of the Chapter 13. Should a change of circumstances arise, we’ll counsel you on your options and help form the best plan of attack to address the issue. We can even help sell or refinance your home should you desire to during your case. It is important to have an attorney who will be there for you, especially when the chips are down. We are aggressive, there by getting you the relief you need, yet compassionate to your needs since this is often a very trying and stressful time for you and your family. Leeders Law offers quality legal services with that one on one personal service you deserve. Call Leeders Law today.