Phoenix Chapter 13 Debt Reorganization Lawyers
What Is Chapter 13 Bankruptcy?
While it may not be as well known as Chapter 7, Chapter 13 bankruptcy is a debt repayment plan that allows people to reorganize their debt and stay in their homes. If you have substantial property, this may be a better option than Chapter 7. It is a financial tool often used by people who have been unable to meet their debts as they come due and by individuals who have fallen behind on mortgage payments.
Could You Benefit from Filing for Chapter 13 Bankruptcy?
At Platt & Westby, P.C., in Phoenix, Arizona, our attorneys have been helping clients with bankruptcy since 1973. We will work closely with you to help you determine if Chapter 13 is the best option for eliminating your debt. To schedule a free initial consultation, call our firm at 623.239.4422 or send us an e-mail.
Chapter 13 bankruptcy can help people keep property that they may have lost in a Chapter 7 bankruptcy including homes, boats and timeshares. It also addresses debts that are not included in a chapter 7 such as:
- Mortgage payments
- Student loans
- Child support
- Alimony
- Debt from a second mortgage
How Does Chapter 13 Bankruptcy Work?
When you file for Chapter 13, the court will issue an injunction that stops collection proceedings and property seizures. You will have to submit a list of all your creditors and create a repayment plan for review by a trustee. The trustee will review the information and make any needed adjustments. The court will then notify your creditors of the repayment plan and seek their approval.
The trustee will collect payments from you and distribute payments to your creditors while making sure you have enough money to support yourself and your family. These repayment plans typically last three to five years. After your repayment plan has been completed, all remaining debts will be discharged.
Contact Us
To discuss your debt relief options with an experienced bankruptcy attorney, contact us today to schedule a free initial consultation.
