Dorothy Bunce, A Fresh Start Law, Las Vegas Chapter 13 Bankruptcy Lawyer.
Reduce & Reorganize Your Debt With One Monthly Payment.
A Chapter 13 Bankruptcy is usually more challenging than a chapter 7. Even so, a Chapter 13 Chapter 13 bankruptcy attorney can guide you through the process. Chapter 13 lasts longer than the typical bankruptcy because you must pay a court-appointed Trustee for up to 5 years. However, for those who need Chapter 13, it is better than Chapter 7 in several respects.
- Chapter 13 is the best way to resolve a delinquent mortgage and prevent a foreclosure.
- Chapter 13 is the best way to repay large tax debts and prevent the IRS and other tax authorities from seizing your home and other assets.
- Chapter 13 is the only way to eliminate certain debts that cannot be discharged in Chapter 7, such as debts relating to a division of marital property.
- Chapter 13 is the least expensive way to protect yourself from creditors you cannot eliminate over a long-term period. For example, someone who has to pay an enormous restitution can avoid returning to prison by paying just what they can afford.
Chapter 13 might be your only choice if you:
- Don’t qualify for Chapter 7, whether due to your income or disposable income amount or a recent bankruptcy discharge
- Might lose valuable assets in Chapter 7 that exemption laws can’t protect.
- Made financial mistakes that violate bankruptcy laws that might harm your family or friends.
Because Chapter 13 is a significant commitment, at A Fresh Start Law, our Chapter 13 bankruptcy attorney, Dorothy Bunce, in Las Vegas, NV, will always urge you to carefully consider how this program will affect you before deciding.
Reasons you might choose Chapter 13 include:
- Repay debts Chapter 7 won’t eliminate. These debts could include taxes, child support, alimony, debts owed to a former spouse, and student loans. Instead of facing the pressure to repay these obligations in full immediately, you could make monthly payments on them. You can even reduce or eliminate the obligation to pay interest and penalties on these debts.
- Prevent foreclosure or repossession by resuming the monthly payments and catching up on past-due debts by making monthly payments. Chapter 13 can provide up to 60 months to become current repaying these obligations.
- Stop creditor harassment for up to 60 months.
- Make affordable payments on substantial debts while canceling or reducing any interest obligation. After 60 months, the Court could discharge any remaining debt. This strategy is most effective if you have some funds available to pay your debts but don’t have enough left to pay them all.
- Protect yourself from legal actions, but keep your options open if things change.
- Stop creditors garnishing your pay, preventing you from paying your living expenses or other obligations.
- Lowering or eliminating interest so you can afford to repay your debts.
- Protect valuable property, such as your business or out-of-state or out-of-country real estate, from being seized by creditors.
- You aren’t eligible for Chapter 7, perhaps due to a recent bankruptcy discharge or because you can’t meet the financial requirements to do so.
Your debts are weighing you down, and you need options. A Fresh Start Law can help you to make this critical decision. If you don’t qualify for Chapter 7 bankruptcy, you may want to consider whether Chapter 13 bankruptcy or debt settlement is better for you.
Who Should Consider Chapter 13 Bankruptcy?
Someone considering filing a Chapter 13 bankruptcy in Las Vegas usually has different problems than those who file Chapter 7. Their income and assets are usually larger, and their debt problems differ.
When filing a Chapter 13, the Court issues an Order to your creditors called “an automatic stay.” This Order prohibits creditors from contacting you or taking other steps to collect their debt. In some situations, the Court may agree to allow a creditor to proceed with legal action despite Chapter 13. However, this is unusual unless it involves surrendering an asset you can’t afford to keep.
Dorothy Bunce, the experienced Las Vegas Chapter 13 bankruptcy lawyer at A Fresh Start Law, can advise if Chapter 13 is right for you.
You may be a good candidate for Chapter 13 bankruptcy if you want help dealing with any of the following problems:
- Stop foreclosure or repossession and catch up on past-due payments.
- Eliminate as much tax debt as possible while repaying whatever tax debt remains, with no additional interest or penalty costs.
- Protecting valuable assets not protected by exemption laws from being taken to pay your debts.
- You have a steady income and can afford to pay some of your debts over time, especially if you no longer have to pay exorbitant interest costs.
- You are not eligible for Chapter 7 because you received a discharge in Chapter 7 during the past 8 years or have money available after paying for your necessary living expenses.
- Immediately Stop Creditors from Calling or Texting You
