A Fresh Start Through Chapter 13 Bankruptcy

Are you struggling with debt and looking for a way out? It is important to learn about your full scope of debt relief options. One of those options — Chapter 13 bankruptcy — reorganizes debt and establishes an affordable repayment plan that allows individuals to repay a certain amount of the debt while avoiding foreclosure, wage garnishment, and other negative effects.

Graham & Associates Law Offices, LLC, helps people explore Chapter 13 bankruptcy as a debt relief option. To schedule a free, no-pressure consultation with an Ohio Chapter 13 bankruptcy lawyer, please contact us online or by phone toll-free at 866-529-9010.

Chapter 13 Bankruptcy Basics

Chapter 13 bankruptcy is an alternative to Chapter 7 bankruptcy. Chapter 13 is designed to reduce certain types of debt through an affordable payment plan, most often without the loss of property such as houses, vehicles, personal property, or retirement savings. This option is often used to prevent foreclosure or repossession, to resolve or eliminate legal proceedings that have already commenced, and to reduce vehicle loan balances, payments, and interest rates. Chapter 13 is also commonly used to deal with delinquent tax debts as well as student loan repayment issues.

Who Can File Chapter 13 Bankruptcy?

You may wish to consider Chapter 13 bankruptcy if you:

• Filed Chapter 7 bankruptcy within the past eight years, but still need assistance coping with your debts
• Have a home or other real estate that is in or near foreclosure that you wish to keep
• Have a home negative equity and may be able to strip off and eliminate a second mortgage or equity line of credit
• Have judgment liens on your real estate
• Have a vehicle loan in danger of becoming delinquent, leading to possible repossession
• Have assets such as homes, vehicles, or profitable small businesses that are owned free and clear or are nearly paid off, and you do not want to lose them to creditors
• Earn above average income (as determined by the Bankruptcy Code) and are able to pay portions of your debts, but are unable to pay your total debts or required monthly minimums
• Have recent or past tax debts, child or spousal support arrearages, or deficiencies on your student loans (which are generally nondischargeable debt through Chapter 7) and need assistance with these bills

There are many benefits to filing Chapter 13 bankruptcy, including the ability to lower vehicle payments, eliminate mortgage deficiencies, lower tax debts, get student loan relief, lower or eliminate interest on many types of debts, and strip liens, and second mortgages, and home equity loans from homes.

At Graham & Associates, our experienced bankruptcy attorneys will guide you through the process with compassion. We discuss all your options, including Chapter 13 and Chapter 7 bankruptcy, to find you the debt relief option that best fits your individual needs.

Lien Stripping

In Chapter 13 bankruptcy, you may be able to discharge any secondary liens on your home, including a second mortgage,home equity line of credit, or a lien placed on your house in a court judgment. This relief process is known as lien stripping. The process may be available if your house is upside down or underwater in value. If the value of your house is less than what you owe on your first mortgage, you may be able to pay only the first mortgage and discharge the second one and other liens as well by filing Chapter 13 bankruptcy.

Akron, Youngstown and Canton Debt Repayment Plan Lawyers

Call us toll-free at 866-529-9010 or contact us online to arrange a free consultation. Weekend and evening hours are available by appointment. Affordable payment plans are always available, and qualified cases may be filed with some or all attorney’s fees deferred.

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