Many financial hardships manifest themselves in neglected bills, including income taxes, child support, monthly mortgage payments, among others. Chapter 13 Bankruptcy establishes payment plans so individuals from all walks of life retain financial control. In summary, Chapter 13 Bankruptcy halts foreclosures, delays repossession of one’s home, and keeps the IRS from making contact regarding unpaid taxes. Ultimately, Chapter 13 Bankruptcy provides flexible, practical opportunities for clients to address existing debts.
After three to five years of compliance with the conditions set by a payment plan, discharge of debt or complete debt forgiveness may occur, disposable income and other factors considered. Such factors assist in calculating the debt one must repay. Often, people seek Chapter 13 Bankruptcy as an option to prevent home foreclosures, make up for unpaid automobile bills, and pay back accumulating taxes.
Chapter 13 Bankruptcy presents itself as more of a reorganization, rather than a formidable liquidation process. It’s a feasible option for individuals who aim to keep their secured assets, such as housing. When state bankruptcy exemptions cannot shield these assets, Chapter 13 Bankruptcy warrants consideration. Frequently, people wanting to secure their nonexempt property of considerably high value elect to file for Chapter 13 Bankruptcy.
Life brings countless unforeseen circumstances, including expenses that seem overbearing and steep. One should not feel embarrassment while filing for bankruptcy, and an experienced, qualified attorney can facilitate the process, helping individuals reach their long-term financial goals. Located in Troy, Ohio, Chris Wesner gives each case a thorough and practical evaluation. Call Chris Wesner Law Office, LLC to discuss alternative payment plans under Chapter 13 Bankruptcy.