A Lawyer to Help You Take Control of Your Debts
Is your monthly income not enough to allow you to catch up with late payments on your debts? Is the clock ticking on foreclosure or repossession? Do you need real protection from your creditors, right away?
If so, Chapter 13 bankruptcy may be the right option for you. Chapter 13 is a procedure under the bankruptcy code that gives qualified filers the ability to repay their debts on a schedule they can afford. To learn more, contact me, attorney Thomas McGrath. Based in Bellevue, I help clients throughout the Seattle area.
Get Immediate Protection and Prepare a Realistic Payment Plan
Filing for Chapter 13 bankruptcy gives you immediate protection from creditors, including protection from foreclosure sales. Once you have that protection, the bankruptcy court will give you the opportunity to submit a plan for reorganization and payment of your debts through an installment plan.
Certain debts — including unsecured debts and some car loans — can be discharged after partial repayment in a Chapter 13 payment plan. Other debts — such as mortgage arrears — must be paid in full but can be spread out over a longer time period without interest.
A typical Chapter 13 payment plan in Washington lasts from three to five years. However, if you are unable to repay certain debts you can convert a Chapter 13 into a Chapter 7.
A Smart Option for People in Many Different Situations
The most prominent group of people who will benefit from Chapter 13 bankruptcy are those trying to avoid foreclosure. Filing for bankruptcy cannot get rid of mortgage debt, but it can give you time to catch up with payments and leverage to work out a deal with your lender.
Other clients to whom I often recommend Chapter 13 are people who are ineligible for Chapter 7 bankruptcy, people who have had trouble adjusting to a more modest standard of living after job loss, and people who are at risk of losing their driver's licenses because they cannot afford to make restitution payments after being found at fault for auto accident injuries.
If you are looking to get your debts under control and protect your equity, contact me today to discuss your Chapter 13 or other legal options.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
