Chapter 13 Bankruptcy
If you have rising debt and are struggling to get out of it, bankruptcy can help you build a financial future. When you have the means to make monthly payments to pay back your debts and restore your credit, Chapter 13 bankruptcy can be the right solution for you.
The Massachusetts bankruptcy attorneys at Daigle Law Office can help you throughout the entire Chapter 13 process – from determining if filing for bankruptcy is the right option to filing the paperwork and completing the bankruptcy process. We provide you with expert legal to the Commonwealth of Massachusetts.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is called the “wage earner’s bankruptcy.” Unlike Chapter 7 bankruptcy, where most debts are discharged, in Chapter 13 bankruptcy, you repay some of your debts through a court-approved repayment plan. These plans span 3 or 5 years, during which you make monthly payments to a court trustee. The trustee will then distribute the funds to your creditors. Any remaining debts may be discharged at the end of the repayment plan.
Chapter 13 bankruptcy allows you to make up missed payments to avoid repossession or foreclosure, and you can retain most of your assets.
Benefits of Filing For Chapter 13 Bankruptcy
Chapter 13 offers numerous benefits, especially if you have a steady monthly income to make payments on your debt. Some of the top advantages of filing for Chapter 13 bankruptcy are:
- You can save your assets. Whereas you might need to liquidate some of your assets in Chapter 7 bankruptcy, in Chapter 13, you can keep your assets. This includes retaining possession of your car or home, even if you are behind on payments. The repayment plan helps you keep your assets.
- You can catch up on secured debts. If you need to catch up on your mortgage, car payments, or other secured debts, a repayment plan can help you get caught up on missed payments.
- You can create a structured repayment plan. Through Chapter 13, you can create a structured repayment plan with management monthly payments over 3 to 5 years. This helps you make progress paying off your debts through a predictable plan.
- You can end creditor harassment. When you file for Chapter 13, your creditors must stop harassing you for payments. Instead, they need to communicate with you through the court-approved trustee.
- You can reduce your debts. In some cases, you might not have to repay the entire debt you owe to unsecured creditors.
- You can start rebuilding your credit. After completing Chapter 13 bankruptcy, you will show creditors that you can responsibly pay off your creditors. This can help you build up your credit score and give you more access to financing and loans.
When you work with Daigle Law Office, we’ll help you file for Chapter 13 bankruptcy and establish viable repayment plans for debts. As a qualified bankruptcy attorney and Chapter 13 expert, the Law Office of Peter M. Daigle has helped numerous debtors recover from their debt and return to living financially healthy lives.
As a benefit of working with us, we’ll help you with the entire Chapter 13 process and paperwork, including:
- Determine your debt
- Determine eligibility
- Determine your property end exemptions
- Complete and file all forms
- Represent you at hearings and help negotiate a payment plan with creditors
Who Should File for Chapter 13 Bankruptcy?
Chapter 13 can be the ideal type of bankruptcy for you if you can afford to make the monthly payments. When determining if Chapter 13 bankruptcy is right for you, some factors to consider are:
- Do you have a steady monthly income? You must have a consistent monthly income to complete the 3 to 5-year plan.
- Do you want to retain your assets? If you own a home or need to keep your vehicle, filing for Chapter 13 instead of Chapter 7 can make more sense.
- Are you behind on secured debts? If you’re behind on your mortgage or car loan, Chapter 13 can help you avoid repossession or foreclosure.
Why Hire Us to Help You Through a Chapter 13 Bankruptcy?
When you’re in debt and are considering filing for Chapter 13 bankruptcy in Massachusetts, trust our experienced bankruptcy attorneys.
Beyond guiding you through the Chapter 13 process, the Daigle Law Office will instruct you on the best action. Chapter 13 isn’t for everyone, and numerous factors must be considered. No matter your situation, you can always trust Daigle Law Office to provide honest legal counsel that helps with your debt.
To schedule a free consultation, please call Daigle Law Office today at 508-771-7444.
