Does Chapter 13 Bankruptcy Make More Sense?
For those that do not qualify for Chapter 7 bankruptcy or have a financial situation in which reorganization is more beneficial, Peace Law offers assistance with Chapter 13 bankruptcy. Chapter 13 bankruptcy provides a means to keep the more valuable, non-exempt property, with debts being reorganized based on monthly income.
In most cases, Chapter 13 greatly reduces your monthly payments to secured and unsecured creditors. In addition, any remaining balances owed to unsecured creditors upon the conclusion of Chapter 13 are discharged completely. In Chapter 13 bankruptcy, you can “cram down” some secured loans, meaning you can repay only what the collateral is worth, not what you owe. This has saved some of our clients tens of thousands of dollars on upside-down car and mobile home loans.
Chapter 13 may be the best solution for you in the following circumstances:
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Behind on Mortgage Payments
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Behind on Car Payments
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Need to Reduce Car or Mobile Home Payments
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In Foreclosure Proceedings
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Have Valuable, Nonexempt Property You Wish to Keep
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Owe More than Property is Worth
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You Have Cosigners You Wish to Protect
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Received a Chapter 7 Discharge Within the Last Eight Years
Schedule a free consultation today with Peace Law to see if Chapter 13 Bankruptcy makes sense for you.