When an individual has steady and regular income, whether employed or self-employed, but still find yourself overwhelmed with debt, you may be eligible for a Chapter 13 bankruptcy. If you are thinking about a Chapter 13 bankruptcy, it is essential that you contact Bankruptcy Law Professionals. Many individuals may not qualify for a Chapter 7 Bankruptcy, because of their income and/or assets. In a Chapter 13 bankruptcy, you can pay your past debts over time, normally 36 – 60 months. Past debts can include back mortgage payments/mortgage arrears. It is possible to eliminate a 2nd Mortgage / Home Equity Line of Credit in a Chapter 13 bankruptcy. The bankruptcy filing will also stop all collection actions by creditors during the bankruptcy process, which will take several months.
Bankruptcy filings are complicated and must be done accurately so that your are not denied a Chapter 13 bankruptcy. At Bankruptcy Law Professionals we are qualified attorneys with the necessary experience in bankruptcy law to ensure your bankruptcy is handled properly.
Chapter 13 bankruptcy may be a viable option for you. However, it is still best to discuss your case with a lawyer at Bankruptcy Law Professionals.