Capable Guidance Through Chapter 13 Bankruptcy
Referred to in the Bankruptcy Code as “Adjustment of Debts of an Individual with Regular Income,” Chapter 13 bankruptcy is designed for individuals in debt who have a regular source of income. Unlike Chapter 7, this form of bankruptcy is not available to corporations. Rather than discharging most debts, Chapter 13 allows you to consolidate debts and repay them over a manageable period of time.
At Christopher J. Kane, PC, I have over 23 years of experience guiding Oregon residents through the bankruptcy process. I can evaluate your situation and help you determine your appropriate debt relief options.
Developing A Plan To Repay Creditors
Chapter 13 can be a better choice for individuals because it allows you to keep valuable assets and to propose a plan to repay certain creditors over a period of 36 to 60 months. It is rare that you would be required to pay 100 percent of your debts through a Chapter 13 plan. In many cases, you will not be required to pay any of your unsecured debts.
You may be able to file for Chapter 13 even if you do not qualify for Chapter 7 relief. Under this plan, you are required to make monthly payments to the Chapter 13 trustee, who will distribute the money to creditors according to your Chapter 13 plan. You do not receive a discharge until after you complete the payments required under the plan.
What Are The Benefits Of Filing?
Once you file for Chapter 13 bankruptcy, the court protects you from all collection activity while the plan is in effect. Additionally, more types of debts are eliminated under Chapter 13 than under Chapter 7.
Chapter 13 offers an opportunity to save your home from foreclosure and may cure delinquent mortgage payments and/or property tax payments over time. It can also allow you to modify secured debts (other than a mortgage for your primary residence) and extend them over the life of the Chapter 13 plan and possibly lower the payments. In some circumstances, judgment liens and junior liens can be completely removed from your real estate.
Your co-signer could also benefit from bankruptcy proceedings. Chapter 13 has a provision that protects co-signers from collection efforts while you are in bankruptcy.
Partner With A Knowledgeable Lawyer
If you struggle with debt, I can help you find the relief you need. Call my Portland office at 971-808-4518 to schedule an initial case consultation with an experienced attorney. You may also contact me online.
My firm is a debt relief agency. I help people find bankruptcy relief through the Bankruptcy Code.