Chapter 13

Chapter 13
When not eligible for Chapter 7 bankruptcy, or strategically choosing not to file one, a Chapter 13 filing may be a good option. A Chapter 13 bankruptcy is for individuals with a steady income, whether through employment or as a self-employed business owner.  Chapter 13 provides individual debtors (including small business operators) with the same opportunity to organize and resolve their financial problems as large businesses have under Chapter 11, but through a less, cumbersome, and expensive procedure.  Chapter 13 allows for debtors to adjust their debts, rather than liquidate their assets.

If you are facing foreclosure, a Chapter 13 bankruptcy may give you the time necessary to deal with a loan modification or pursue other options and avoid losing your home.  A Chapter 13 can avoid a foreclosure of your real property, offer a Court ordered five year repayment plan of your mortgage averages, reduce debt on partially unsecured mortgages, eliminate underwater subsequent mortgages, avoid penalties and obnoxious interest, and eliminate or reduce unsecured debt.

Filing for Chapter 13 bankruptcy can give you and your loved ones the relief that you need when facing unfortunate financial situations.  A well thought out Chapter 13 bankruptcy is a powerful debt relief tool, that can be used to substantially reduced the amount owed to your unsecured creditors, eliminate underwater mortgages, reduce secured amounts owed on assets such as automobiles, reduce obnoxious interest rates, provide a way to catch up in past due mortgage payments and establish a means to pay off overdue income tax obligations without interest.   Rest assured that the process will also put an end to the harassing creditor calls as well. With the assistance and legal advice from an attorney at Legal Objective, we will not only address your financial problems, we will resolve them, once and for all.

Once the filing is in process, all creditor problems will be ?on hold? Due to the ?Automatic Stay.? In fact, almost no one can take any legal action against you without the Bankruptcy Court?s permission.  This stay can last for several months or for the entire duration of the bankruptcy.

When not eligible for Chapter 7 bankruptcy, or strategically choosing not to file one, a Chapter 13 filing may be a good option. A Chapter 13 bankruptcy is for individuals with a steady income, whether through employment or as a self-employed business owner.  Chapter 13 provides individual debtors (including small business operators) with the same opportunity to organize and resolve their financial problems as large businesses have under Chapter 11, but through a less cumbersome and expensive procedure.  Chapter 13 allows for debtors to adjust their debts, rather than liquidate their assets.

If you are facing foreclosure, a Chapter 13 bankruptcy may give you the time necessary to deal with a loan modification or pursue other options and avoid losing your home.  A Chapter 13 can avoid a foreclosure of your real property, offer a Court ordered five year repayment plan of your mortgage arrearages, reduce debt on partially unsecured mortgages, eliminate underwater subsequent mortgages, avoid penalties and obnoxious interest, and eliminate or reduce unsecured debt.

Filing for Chapter 13 bankruptcy can give you and your loved ones the relief that you need when facing unfortunate financial situations.  A well thought out Chapter 13 bankruptcy is a powerful debt relief tool, that can be used to substantially reduced the amount owed to your unsecured creditors, eliminate underwater mortgages, reduce secured amounts owed on assets such as automobiles, reduce obnoxious interest rates, provide a way to catch up in past due mortgage payments and establish a means to pay off overdue income tax obligations without interest.   Rest assured that the process will also put an end to the harassing creditor calls as well. With the assistance and legal advice from an attorney at Legal Objective, we will not only address your financial problems, we will resolve them, once and for all.

Once the filing is in process, all creditor problems will be “on hold” due to the “Automatic Stay.” In fact, almost no one can take any legal action against you without the Bankruptcy Court’s permission.  This stay can last for several months or for the entire duration of the bankruptcy.