Chapter 13 Bankruptcy
Sometimes called a "wage earner" plan, Chapter 13 Bankruptcy is an option for individuals and business owners who want to repay most or all of their debt, but who cannot do so unless the debts are stretched out over a longer period of time. Under Chapter 13, you can reduce your monthly payments substantially for both secured and unsecured debt.
Chapter 13 Bankruptcy is often used by homeowners who are behind on their mortgage payments but want to keep their homes. Chapter 13 allows the debtor to repay past due mortgage payments over several years, rather than as a lump sum. By stretching out payments to suppliers and other creditors, Chapter 13 can also make it possible for a business to weather tough economic times.
Chapter 13 Bankruptcy allows you to do the following:
- Stop collection efforts
- Keep certain exempt assets
- Pay past-due mortgage debts over time to prevent foreclosure
- Pay other debts and loans over a several-year period
- Keep valuable assets such as a house or car.
If you have questions about Chapter 13 Bankruptcy, please give us a call
For a free debt consultation, call us anytime at 215-392-0572
(toll-free at 888-394-8318) or use the form above to send us an email.
