CHAPTER 13 BANKRUPTCY

TAKE CONTROL OF YOUR FINANCES

In many cases, a Chapter 13 bankruptcy is an ideal way to resolve all of your financial issues with an affordable consolidated monthly payment. For many people with steady income, who cannot qualify for Chapter 7 bankruptcy, Chapter 13 bankruptcy offers a debt relief option without losing assets that reduces debt payments and allows them to take back control of their finances. If you are overwhelmed by debt and need financial help, a Chapter 13 bankruptcy may be right for you.

If your home mortgage lender is threatening or has initiated a home foreclosure action, we can discuss the best way to handle your situation. If you are trying to stay in your home, a Chapter 13 bankruptcy may be an ideal solution that stops foreclosure and allows you to begin making monthly payments again to your mortgage company. Filing a Chapter 13 bankruptcy often reduces your monthly payments on other debt (like credit cards and medical bills) enough so that you can better afford to pay your mortgage obligations.

RESOLVE TAX LIABILITIES AND CREDIT CARD DEBT IN SOUTHAMPTON, HAVERTOWN, PERKASIE AND ALL OF BUCKS COUNTY, PA

Besides curing arrears on your mortgage or car loan, a Chapter 13 bankruptcy will allow you to resolve your tax liabilities and credit card debt through a Chapter 13 reorganization plan. Depending upon your factors such as the tax years due, amounts owed to the IRS or PA Department of Revenue, your assets, family size, and disposable income, a Chapter 13 bankruptcy may be able to affordably resolve tax liability.  Another benefit to Chapter 13 is that the penalties and interest on the taxes will stop once your case is filed.  This allows your payments to be paid off much more efficiently and rapidly within the Chapter 13 plan. Your new payment plan, if approved by the court, will allow you to pay your debts more affordably and will give you a chance to get back on your feet.

You will be required to begin making payments to cure arrears on your loan(s), taxes and other debts to the Chapter 13 bankruptcy trustee 30 days after the bankruptcy filing and every month thereafter during the repayment plan. You are also required to resume mortgage payments after the bankruptcy filing, even if you do not receive a statement from your lender.

THE BENEFITS OF FILING CHAPTER 13 BANKRUPTCY:

In addition to home foreclosure protection and the establishment of a workable payment plan that saves people money, a Chapter 13 bankruptcy may also be able to stop:

• Harassment by creditors
• Wage garnishments
• Car repossessions
• Sheriff sales
• Tax Sales
• Interest and penalties on IRS debts

For a free consultation to discuss Chapter 13 bankruptcy, contact Michael Schwartz at 215-396-7900. Make Michael Schwartz your bankruptcy lawyer near me!