Hartford County Bankruptcy Attorney Understands Chapter 13
Connecticut Bankruptcy Law Firm Helps You Weigh Your Options
The bankruptcy process is governed by federal law, and even if you don't qualify for liquidation under chapter 7, you still have options. Chapter 13 bankruptcy will allow you to create an affordable repayment plan that will help you reduce your overall debt and repay it in manageable monthly payments stretched over a three- to five-year period. Chapter 13 can also keep you from losing your home, your most valuable asset.
Advantages of Chapter 13 Bankruptcy
While chapter 13 bankruptcy will not erase all your debt, it will provide relief to you by:
- Stopping home foreclosure proceedings
- Preventing home foreclosure through a forbearance agreement or by allowing you to continue making monthly payments
- Halting lawsuits, wage garnishments, bank account levies, repossessions, and creditor harassment
- Getting rid of unsecured debt, including credit card debt
- Lowering your overall level of stress regarding your finances
- Giving you the chance to pay off non-dischargeable debt over a three- to five-year period of time
Debtors who have a job and a home may not pass the chapter 7 means test, but the chances are favorable that they will qualify for chapter 13. If you file for chapter 13, you will be required to agree to pay off as much debt as possible under a court-approved reorganization plan. The amount you pay each month will be calculated according to your monthly income and expenses, and after three to five years, your remaining debt will be discharged.
If you are not eligible for chapter 7 bankruptcy in Hartford County but are considering chapter 13, Attorney Susan M. Williams has been providing sound bankruptcy advice to debtors in Connecticut and Massachusetts for more than 20 years. Contact her online or call 860-265-4764 to set up your free confidential consultation today.