Arizona Chapter 13 Lawyers; the Rosenstein Group
Known as the “wage earner” plan, Chapter 13 bankruptcy gives you a financial time-out, an opportunity to reorganize – and in many cases, lower – your debts and make a budget to repay the debts, or whatever portion of the debts that you can afford to pay. The budget will be based on what you can afford.
Chapter 13 is completed in 3-5 years. At that point, you will have put your debts behind you. In contrast, making minimum payments on credit cards can mean decades of payments before the debt is paid.
Arizona Chapter 13 bankruptcy offers a number of advantages:
- If you are a few months behind on house payments, it gives you time to catch up at a pace you can afford.
- Your attorney may be able to renegotiate the amounts owed on some debts, such as car payments.
- Unsecured debts may be discharged completely in bankruptcy.
In a process known as “cram down,” the debt on a car, for example, that is worth less than the amount owed may be crammed down so that the debt is less. Other negotiations with creditors can include loan modifications and lower interest rates.
Chapter 13 bankruptcy can:
- Lower the amount of your total debt
- Stop creditor harassment
- Stop wage garnishment
- Stop a foreclosure in process
- Stop car repossession
- And give you a chance to pay debts at a level you can afford
Would Chapter 13 Bankruptcy work for you? Talk to one of our experienced AZ chapter 13 Bankruptcy Attorneys in a free consultation
To learn the specifics of how Chapter 13 bankruptcy would work in your unique situation, talk to our Arizona Chapter 13 lawyers at the Rosenstein Group. Contact us for a free consultation.
