Chapter 13

• They have non-exempt assets
• Their income was too high causing them to fail the means test
• They have non-dischargeable tax debt they want to pay without interest or penalties
• A marital equalization payment is not dischargeable in chapter7, but is in chapter 13
• They are facing foreclosure or repossession and they want to cure the arrears over a 3 – 5 year
• They need to pay back taxes, child support, or alimony payments through a repayment plan
• The ability to set new terms for car loans or leases

After your bankruptcy petition is filed, a repayment plan will be developed to repay a portion of your debts. The amount of the repayment plan varies depending on the amount of disposable income that you have available to make these payments and the liquidation analysis of non-exempt assets. At the end of the repayment plan, after you have made all required payments, your remaining unsecured debts will be discharged.

Chapter 13 offers many benefits.  It also serves as your “new credit” meaning your good payment history in chapter 13 can help reestablish your credit. You can even buy a new vehicle or home while you’re in chapter 13, provided you meet the lending requirements, and the court approves your motion to incur new debt.

It’s time to put you and your family first.  Eliminate debt legally and responsibly through bankruptcy and preserve your assets.  Before you consider:

• Taking money from your home equity to pay bills
• Taking money from your retirement to pay bills
• Selling your home to pay bills

meet with our attorneys.  You’ll be far better off keeping those assets and eliminating your debt.  You will also rebuild your credit much quicker after bankruptcy than a debt management plan or debt consolidation plan.