Consult a Bankruptcy Attorney About Chapter 13

The bankruptcy lawyers at The Spitz Law Firm can explain the benefits of Chapter 13 bankruptcy. Chapter 13 allows you to stop the foreclosure of your home, stop the repossession of your vehicle, and stop the garnishment of your wages.

You are allowed to keep what you own and eliminate what you owe in a reasonable and stress-free manner. If you are facing foreclosure of your home or repossession of your vehicle(s), Chapter 13 affords the opportunity to establish a repayment plan which allows you between three and five years to cure the problem.

Chapter 13 is essentially a repayment plan for individuals that enables them to make regular payments to the bankruptcy Trustee under a Plan of Reorganization, which allows you to force your creditors to accept a repayment plan you can afford. Any source of income is allowed, including, wages, alimony, child support, social security, disability, or pension income. This income is used in a Chapter 13 to repay anywhere from 10% to 100% of your debt, depending on your income, household expenses, and the type of debt you have.

Chapter 13 can deal with all kinds of debt, secured and unsecured. Secured debt can be included in a Chapter 13 case. What is secured debt? Most secured debts are familiar: home mortgages, home equity lines of credit, and car loans. These are all liens created by agreement between you and the lender. Your bankruptcy attorney at The Spitz Law Firm can help you set up repayment to those creditors often lowering your monthly payments or reducing interest rates on those debts.

Debts that are not secured, and known as “unsecured debt.” The Chapter 13 plan does not force you to pay unsecured debt in full; it can provide for only fractional payment to unsecured creditors. You pay only the amount of unsecured debt you can reasonably afford to pay. Chapter 13 also permits you time to pay debts that can't be discharged in either type of bankruptcy, such as recent income taxes, property taxes, or student loans.

Bankruptcy may be the best financial decision you will make right now. At The Spitz Law Firm, our bankruptcy lawyers are dedicated to providing quality bankruptcy service to our clients. When you want to talk to your bankruptcy attorney we believe it should only take one phone call. Contact your bankruptcy attorney today for a FREE consultation regarding your bankruptcy issue and to get answers to your questions. We will help find the right solution for you.

Call The Right Bankruptcy Attorney 24/7 At: 1-888-70-RIGHT or (216) 291-4744