If you are in a higher income bracket or need help with your secured loans, then Chapter 13 may be the perfect option for you. Chapter 13 allows you to keep your property and catch up on your arrears with an affordable payment plan over a 36 to 60 month time period. We prepare a debt repayment plan together that will get approved by the court so you are able to start fresh. In essence, as soon as you file you are considered current with your secured creditors and you can start or continue to make your regular monthly payments. Chapter 13 can also clamp down on the value on investment property and get your back taxes either eliminated or paid over a longer period of time. It does not matter how much you owe; your unsecured creditors will get a dividend from 0 to 100% depending on your particular situation.
Regardless of how much unsecured debt you have, Chapter 13 keeps creditors off your back while you make payments over three to five years and then all your unsecured debt is discharged.
Only individuals with regular income can file under Chapter 13; corporations and partnerships are not eligible. The source of your income isn't important, provided it's regular and stable. Your income can be wages, self-employment profits, unemployment benefits, or even assistance from friends and family.
Credit Card Relief
We are a debt relief agency. I can explain all of your options and help you decide what bankruptcy filing (if any) is best for you. Unsecured debt can be discharged (eliminated) under either Chapter 7 or 13. Once you file for Chapter 7 or 13 bankruptcy, the overwhelming and harassing phone calls made by creditors will stop immediately. Bankruptcy is a legal procedure that offers a fresh start for people who have gotten into financial difficulty and can't satisfy their debts.
Credit card companies are not known for their willingness to help you lower your payments. They might take you to court, and before you know it, they can get a lien on your property. No matter where you are financially, bankruptcy will stop the creditors both from calling and from taking you to court.
You must get credit counseling from a government-approved organization within six months before you file for any bankruptcy relief.
I have been through bankruptcy myself, so I can see the situation from your perspective. Be assured, I will be with you through every step of the process.
I am a lawyer focused on bankruptcy and stopping foreclosure, as well as a licensed broker and real estate agent. As much as I have enjoyed helping people buy their homes, it's even more rewarding to help people keep their homes. If you are in danger of losing your home to foreclosure, or struggling financially because of a mortgage you can't afford, I may be able to help. I will walk you through mortgage relief alternatives including loan modification and suing your mortgage company.
Chapter 13 bankruptcy is one way to stay in your home and get back on a solid financial footing. Filing for bankruptcy triggers an automatic stay to stop foreclosure.
You continue to make the current house payments.
Your mortgage arrears (missed payments) are rolled into your Chapter 13 repayment plan and paid back over the next few years.
A second mortgage could possibly be eliminated. This can be the greatest mortgage relief of all.
Your current mortgage company may modify your loan to lower your payments or wrap in the arrears. I can help you decide what to do, including filing for bankruptcy before, during, or after a modification or during a short sale.
Short Sale - Know When to Hold 'Em, and When to Fold 'Em
Are you "upside down" or "underwater" on your mortgage, owing more than your home is worth on the current market? If you can't afford the house payments you might be afraid that your lender will foreclose and try to come after you for the balance.
In a short sale, the lender or mortgage company agrees to accept the best price you can get and will most often forgive the difference of what you owe on the loan. You will walk away without the mortgage debt and without the black mark of foreclosure on your credit. I can list your home and negotiate with the lender so you owe them nothing; in some cases, the mortgage company will even pay you to move out peacefully.
The Sooner You Contact an Attorney, the Better
If foreclosure is coming, you need to beat that train to the station through bankruptcy, a loan workout, or a short sale. You may not need to act today but you definitely need to know what button to push and when to push it; a one month delay will cost you thousands of dollars or even your home.