Keep Your Home And Your Family Safe
Falling into debt can be an incredibly scary time for you and your family. Without a home, car, and your other valuable assets, where will you go and what will you do? These times don't have to be so threatening. Keep your assets and repay your debt with the help of Willcox Law Firm.
Chapter 13 bankruptcy, or "wage earners' plans," are preferred over Chapter 7 filings in certain cases. Chapter 13 allows the debtor to keep a valuable asset such as a home while letting the debtor propose a "plan" to repay their creditors over a period of time (typically 3 to 5 years). Filing for bankruptcy under Chapter 13 can stop foreclosure, help debtors catch up on late loan payments, pay back taxes, and more.
Several factors go into determining your Chapter 13 plan payment, such as the amount owed to secured creditors, delinquent amounts on loans, and your disposable income. In order to file, you'll need a "regular source of income" and show disposable income to make the plan payments.
Unlike Chapter 7 bankruptcy, the debtor doesn't receive an immediate discharge. Instead, you must complete the payments required under the plan before a discharge can be granted.
Protect Your Assets With Chapter 13
Filing for bankruptcy is a tough and trying time. Get individualized support from Rod and his staff at Willcox Law Firm, PLLC. The firm has over 25 years of experience providing legal support and guidance in various bankruptcy cases, including Chapter 7 and Chapter 13. Give us a call today to set up your free consultation.