Do you need to save your house and your car, stop the IRS from garnishing your wages and bank accounts? Chapter 13 can protect you from these creditors while you set up scheduled repayments to get back on your feet. In this type of bankruptcy you have terms that are very favorable to you so that you can make your re-payments and complete your obligations under Chapter 13 bankruptcy.
Ted Machi can help you understand where you may qualify, either Chapter 7 or 13. We can help you to understand which direction to take by explaining the possible outcomes based upon our experience filing thousands of bankruptcies. If you have stable future monthly income, it may make more sense to go ahead with the Chapter 13 and arrange payments to keep some of your assets. This also may depend on the market value of your assets. Homes are usually the main asset in a bankruptcy, gages on your home, and have a solid income, Chapter 13 may be something better suited for your needs. With a free consultation we can determine which direction is best for you.
While Chapter 7 is a quicker fresh start, Chapter 13 is a longer process. The Court sets your payments, you are required to make those payments. Over the term of the Chapter 13, there will be hearings that are very quick and informational.
When you create a Chapter 13 filing, you will divide your items into two areas; secured and unsecured. This is a way for the court to determine your case. Examples of Unsecured debt are credit cards and medical bills, payday loans, re-possessed vehicles, collections agencies, etc. Secured debt includes homes, cars, time shares, boats, etc. These are physical items that can be liquidated for a market value.
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