Save Your Property And Stop Debt: Chapter 13 Bankruptcy

If you are tired of watching your bills go unpaid, but you do not want to sell your home or other valuable property, filing for Chapter 13 bankruptcy might be a good option. I sometimes tell my clients that Chapter 13 is the "foreclosure rescue" bankruptcy because it is through Chapter 13 that people are able to keep their homes and start to afford payments again.

In fact, it can do much more than save your home. It can also eliminate or reduce high interest rates — easing your credit card payments — and shrink your other payments so they are more manageable.

Many people who come into my Grand Rapids law office think they have failed. But after more than two decades of watching good people explain their difficult financial situations, I know it's not true. You may be going through a difficult time, but you are not alone. Let's discuss your options. Call 616-259-4328 to arrange a free and confidential consultation.

How Does Chapter 13 Work?

If you file for Chapter 13 bankruptcy, you, your lawyer and the bankruptcy trustee will create a "repayment plan" that can last between three and five years. Your creditors will have a chance to request changes to the plan before a judge "confirms" the plan. Once the plan is in place, you will send set payments to the bankruptcy trustee every month or by payroll deduction.

In most cases, if you finish making payments toward your Chapter 13 plan and complete a financial management course online or by telephone, the bankruptcy judge will discharge your debts. In other words, your financial burdens will be lifted and you will be able to start fresh.

Does Chapter 13 Really Save My Home?

Most people who file for Chapter 13 do so because they want to stop foreclosure. In fact, filing a bankruptcy petition will automatically stay (stop) collection efforts against you. This includes stopping foreclosure, wage garnishments and even creditor phone calls. After the bankruptcy plan is in place, all you need to do is make regular payments to your bankruptcy trustee and you can keep your home.

It is important to act fast, however. If the foreclosure sale takes place before we file, you can lose your home. That is one of the many reasons it is important to contact an attorney sooner rather than later.

Protect Your Property, Protect Your Future

Chapter 13 is a clear path toward a better future, and I can help you ensure that every step you make along the way is on solid ground. Call 616-259-4328 or send me a message to set up a free consultation that fits into your schedule. I look forward to meeting with you.

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