Debt Consolidation | Reorganization | Foreclosure | Tax Debts
Chapter 13 bankruptcy is also called debt consolidation or reorganization, and it can be a good option for those with regular income who are having trouble keeping up with the regular monthly payments, facing foreclosure or who owe past tax debt.
Chapter 13 allows homeowners facing foreclosure to bring their loan(s) current by paying the past due amount over 3 to 5 years while remaining current with regular future payments. When your home is worth less than the amount you own on your 1st trust deed, we can eliminate your second or third trust deeds while still, in most cases, eliminating your unsecured debt.
Chapter 13 allows the repayment of most tax liabilities to be paid back penalty and interest free. In some instances, automobile liability can be reduced to the vehicle’s fair market value.
Immediately upon filing you get an “automatic stay” that stops creditor actions including foreclosure of your home, lawsuits, garnishments, potential repossessions and harassing creditor telephone calls.
There is one hearing that you must attend. Our office will provide you an attorney for the hearing. You will receive a detailed explanation of what is required to be paid before your hearing. There is a confirmation hearing held afterwards which client(s) do not need to attend. These hearings are for the judge to approve the terms of your reorganization.
We will review your income, assets, debts, future income prospects, retirement plans, prospects of inheritances, and business assets and other factors to determine whether Chapter 13, or some other form of bankruptcy or non-bankruptcy options are best for you.
You circumstances are unique and Bostonian Legal Group’s attorneys will help you determine whether Chapter 13, or some other form of bankruptcy or non-bankruptcy option is best for you. We look forward to making your case our priority.