Chapter 13 Bankruptcy

Indivudals who file for Chapter 13 bankruptcy usually are allowed to keep assets while paying back debt over the course of their Chapter 13 plan.  The most common example of an asset is a primary residence.  Chapter 13 bankruptcy can offer protection of an individual’s most important asset: their home.  For those individuals who thought they were entering into a permanent modification, only to find out several months later that it was only a trial period and now they’re several months in arrears, a Chapter 13 Plan may offer the chance to pay back those several months of arrears over a period of 3 to 5 years, rather than all at once like the mortgage company or bank wants.  Of course, only after an examination can we determine whether a Chapter 13 bankruptcy is a viable option for you.

Keep in mind that the law limits the time where bankruptcy can stop a foreclosure.  Time may be of the essence for you, so don’t delay in scheduling your free consulation with us today.