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Chapter 13 Bankruptcy

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If your own valuable assets such as a home or other property and you have a regular source of income but have found yourself falling behind on your payments and want to get a chance to catch up, filing for Chapter 13 bankruptcy protection could provide you with that opportunity. Chapter 13 bankruptcy is a debt reorganization program that allows you to repay your creditors off over a 3 to 5 year period with no interest. Like Chapter 7, your creditors are told to stop calling or harassing you and cannot sue or garnish your wages while under the court’s protection.  Unlike Chapter 7, all your personal and business assets remain under your control and are not subject to liquidation. For more information on the requirements and benefits of Chapter 13 bankruptcy you should speak toDelaware bankruptcy attorney Peter Schaeffer at Avenue Law.  We will meet with you for a free consultation and answer all your questions.

The main distinction of Chapter 13 over Chapter 7 is whether you have a regular source of income. If you do, the Chapter 13 bankruptcy gives you between 3 to 5 years to repay some or all of your debts back interest free. Chapter 13 can also help if your home is threatened with foreclosure. It is designed to allow someone who has a regular income catch up on missed payments over the course of the repayment program. If your ability keep up your payments has been impaired by some unexpected event such as heavy medical bills or other emergency, chapter 13 protection can help you get back on your feet.

Chapter 13 Bankruptcy Attorney

To qualify for Chapter 13 bankruptcy protection you must:

      • Have a regular source of income that you can make scheduled payments from after paying your regular monthly living expenses (called “disposable income”).
      • Fall within certain pre-set limits of the amount of secured and unsecured debt you owe. These amounts get modified periodically and we can tell you what the current limits are.

Find out for yourself if Chapter 13 could help you through your financial difficulties.

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

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