Chapter 13 Bankruptcy — Personal Reorganization
Guiding you through a Chapter 13 bankruptcy in Media, Pennsylvania
A Chapter 13 bankruptcy is especially helpful for those who have and want to keep significant equity in a home or other property. It is designed for individuals with regular incomes who want to pay off their debts but are unable to do so according to the terms demanded by their creditors.
Chapter 13 requires you to create a feasible repayment plan for past-due mortgage payments, auto loans or other debts and submit the plan to the bankruptcy court for approval. Scott F. Waterman, Esq. proposes a repayment plan that allows you to pay off your creditors over a period of three to five years.
What everyone needs to know about a Chapter 13 bankruptcy in Media, PA
Things you should know about filing for Chapter 13 bankruptcy include:
- Chapter 13 offers you a chance to save your home from foreclosure
- If you have a regular income, Chapter 13 is an opportunity for you to adjust your relationship with creditors while retaining your property
- Chapter 13 permits you to file a plan agreeing to pay a certain percentage of your future income to the trustee overseeing your bankruptcy for payment to creditors
- You can reschedule secured debts — other than a mortgage for a primary residence — and extend them over the life of the Chapter 13 plan, which may lower your monthly payments
- You have the protection of the bankruptcy court during the period in which you repay your debts
- Creditors are prohibited from taking any action to collect the debts or seize your property
- Creditors are not allowed to seek to collect their claims from co-debtors
- You can discharge a broader variety of debts than under Chapter 7
- The term of the payment plan can be no more than 60 months (five years)
- The amount paid over the term of the plan must be enough to pay certain debts in full
A Delaware County attorney can handle your Chapter 13 bankruptcy
If you are considering filing for Chapter 13 bankruptcy, call Scott F. Waterman, Esq. at 610-566-6177 or contact us online to set up a free 10-minute phone consultation.