Chapter 13 Bankruptcy

There Are Many Benefits to Chapter 13 Bankruptcy

Individuals and married couples who are not eligible to file Chapter 7 bankruptcy may be able to apply for Chapter 13 bankruptcy. Whereas Chapter 7 is a liquidation proceeding, Chapter 13 bankruptcy is known as a “reorganizational” proceeding. This means that instead of selling off your assets to repay your creditors, Chapter 13 allows you to set up a payment plan whereby you may pay down your debts, usually over a period of three to five years. There are some advantages to filing for Chapter 13, including the following:

• You can stop foreclosure proceedings and continue to make mortgage payments.
• You can stop your car from being repossessed.
• Certain debts can be discharged under Chapter 13 that cannot under Chapter 7.

Our experienced bankruptcy attorneys can help to reduce your anxiety around out-of-control debt, providing you with a powerful alternative to debt consolidation and a second chance to gain your financial footing. Whether you want to repay your debts or stop foreclosure on your home, Reynolds & Werman, LLC can help. Call our locally owned law firm in West Springfield, MA today to get started!

What Chapter 13 Will Mean for You

Similar to a Chapter 7 bankruptcy, filing for Chapter 13 bankruptcy imposes an automatic stay on creditors, meaning that at least temporarily, they can no longer contact you to attempt to collect owed debts. During the respite from these stressful collection calls or even threatened lawsuits, a court will finalize the repayment details of your Chapter 13 bankruptcy plan. A Chapter 13 filing will require that you:

• Repay all priority debt (child support, spousal support, unpaid taxes) in full
• Repay all secured debt in full
• Repay unsecured debt in part

At Reynolds & Werman, LLC, our experienced bankruptcy lawyers can provide comprehensive solutions to help you overcome stressful and unmanageable debt. Our firm can provide a path for you to regain control of your life and transcend survival mode.

Schedule a Free Consultation With a Bankruptcy Attorney

If you have questions about whether you might qualify to file for Chapter 13 bankruptcy, our frank and knowledgeable bankruptcy attorneys can answer your questions and start working with you on a plan to free you from burdensome debt. Call (413) 789-1003 or use our   contact form  to request a call back.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.