What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a common route many people take that involves
developing a three-to-five-year repayment plan. At the end of the repayment
plan—if you adhere to it—you are usually rewarded by a release
of the remaining dischargeable debt. When you choose to file this, a Warminster
Chapter 13 bankruptcy attorney from McCullough Eisenberg can help you
take account of your financial information, such as tax and income statements,
develop a reasonable plan for your particular situation, and guide you
through the filing and court processes.
Put our over 50 years of experience to work for you! Call us for a free
case evaluation at
(215) 392-6696 today.
The Benefit of Chapter 13 Bankruptcy
In certain situations, such as people who have high equity in their secured
assets, a Chapter 13 bankruptcy plan may be the best option to get you
back on your feet. However, it is vital that you meet with an experienced
and knowledgeable Warminster bankruptcy lawyer who has your best interests
in mind and can help you discover which course of action is the best for
you to take depending on your specific case.
Some benefits to a chapter 13 bankruptcy include:
- Immediately upon filing all creditor actions cease including foreclosure,
tax levys, lawsuits, and auto repossessions.
- Gives you a “fresh start” discharge of certain debts
- A quick process lasting between three to six months
Filing Process for Chapter 13 Bankruptcy
The process for filing a chapter 13 bankruptcy typically includes:
Gathering statements of income sources, taxes, financial transactions,
assets, liabilities, etc.
- Determining with your attorney the best plan possible for you
Creating “schedules” (petitions and specific forms) that state
your current financial status
- Paying a court fee
Proposing a repayment plan that could give you up to 60 months to repay
your mortgage, car loan, and taxes. In most cases your unsecured debt
may not have to be repaid.
- Achieving a discharge
For more information, call our compassionate and helpful bankruptcy attorneys
in Warminster at (215) 392-6696.