For families and individuals struggling with debt, creditor harassment and the threat of foreclosure or repossession, filing for bankruptcy can offer many benefits. It can provide a fresh start and allow you to get back on your feet financially. It also gives you a chance to wipe out most of your unsecured debt and to restructure your repayment plan so that you can keep your property.
Chapter 13 Bankruptcy Attorney in Phoenix
If you are facing a lot of debt, it is important to consult with a qualified Arizona Chapter 13 bankruptcy attorney. A good bankruptcy lawyer will help you to understand the options that are available to you and guide you through the process. They will work with you to make sure that your bankruptcy case is a success and can give you the debt relief you need.
A Chapter 13 Bankruptcy can help you to eliminate your debt, including secured and unsecured loans and credit card bills. It can also allow you to restructure your mortgage or car loan payments, so that you can pay less than the balance on your debts.
In some cases, it can also reduce the amount you have to pay on unsecured consumer debt like credit cards and medical bills. In rare cases, it may even restructure your mortgage so that you can keep your home.
You need to consider your income, expenses and assets when creating a bankruptcy plan. Your lawyer will help you to determine how much money you need to make monthly payments on your debts. This will ensure that you can actually afford your bankruptcy plan and keep up with the debts that are restructured under your plan.
The court-supervised payment plan that is part of a Chapter 13 bankruptcy can last anywhere from 3 to 5 years. During this time, you make payments to a trustee who distributes them to your creditors in accordance with the terms of your plan.
At the end of this period, if you have complied with your repayment plan and restructured your debts, you will receive a discharge of your remaining debts. This will help you to build your credit score and avoid future creditor problems.
Your assets will be protected from creditor collection actions by an automatic stay of protection that will stay in effect until your bankruptcy case is complete or dismissed. This means that your creditors cannot repossess your vehicle, foreclose on your home, shut off your utilities or garnish your wages while your bankruptcy case is in progress.
A qualified Phoenix Chapter 13 bankruptcy attorney will review your entire financial situation to decide which bankruptcy option is best for you and your family. They will then work with you to create a custom plan that is right for your specific needs.
Whether you are facing the threat of a foreclosure, repossession or wage garnishment, a Lerner and Rowe Law Group Chapter 13 bankruptcy lawyer can provide you with the legal assistance that you need. Our lawyers will listen to your situation with compassion and provide you with a thorough understanding of both the federal and Arizona bankruptcy laws.