When Chapter 13 Bankruptcy is the Right Option for You
Are you trying to stop a foreclosure of your home? Do you need help with debt consolidation or your mounting mortgage debt? For a Livonia and Rochester Chapter 13 bankruptcy attorney who can help you, contact us at the Duke Law Firm, P.C. We represent clients in Livingston, Monroe, Wyoming, Steuben, Genesee, Ontario, and Orleans counties.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a debt repayment plan for individuals and sole proprietors, and usually lasts between three and five years. During these years, you are under the court’s jurisdiction and protected from collection actions. At the end of the payment period, any remaining debt is discharged. In order to qualify for Chapter 13, you must have sufficient income to keep current with your ongoing obligations while simultaneously making bankruptcy plan payments. If you do not meet this income requirement, click here to see if Chapter 7 bankruptcy might be a better fit for you.
Why Choose Chapter 13?
Secured debts, such as mortgages, are backed by collateral. This collateral can be repossessed by the creditor in the event of nonpayment. Under a Chapter 13 interest-free payment plan, you can reduce and consolidate past-due secured debt, while still retaining your assets.
Saving Your Home
Following the filing of a Chapter 13 bankruptcy petition, banks must halt their foreclosure proceedings. This means that you can keep and continue living in your home, while buying time to negotiate a reasonable mortgage payment schedule with your bank going forward. If you want to keep your house but cannot afford to pay your debt in full, Chapter 13 bankruptcy may be right for you.
Compassionate New York Bankruptcy Lawyer
We are here to help, not to judge. Our focus is not on the past, but on improving your future. Call us at the Duke Law Firm, P.C., to schedule your free and confidential half-hour consultation. We can be reached by phone at 585-449-4987or by email.
I help people file for bankruptcy relief under the Bankruptcy Code.