If you are a homeowner with equity in your family home, a Chapter 13 Bankruptcy may be the most effective bankruptcy option that allows you to protect your family home from creditors. Some of the bankruptcy success stories that we are most proud of include Chandler homeowners that come to us on the eve of a foreclosure sale of their family home where we can stop the sale and save their home. While we cannot necessarily do that in every situation, many times we can use the Chapter 13 Bankruptcy process to help families keep this prized asset.
Unlike a Chapter 7 Bankruptcy, there is no means test with maximum income requirements. In fact, the process is reversed to some degree in Chapter 13 Bankruptcy where a key issue will be whether you have sufficient income to make plan payments over a 3 or 5 year term while still maintaining your current mortgage payments. In a Chapter 13 Bankruptcy, you will make payments through the Bankruptcy Trustee toward mortgage arrearages, other secured debts for assets that you are keeping like car loans, certain unsecured debts that are given priority and lower priority unsecured debt like credit card obligations if there is sufficient income.
Although you do not necessarily get to simply extinguish most unsecured debt with a Chapter 13, you will receive a discharge if you complete all plan payments which will relieve you of the obligation to pay the remaining balances on non-priority unsecured debts like those discharged in a Chapter 7 Bankruptcy. The successful completion of your Chapter 13 Bankruptcy will also mean that your mortgage is current.
Anyone in Chandler who has illusions of filing a Chapter 13 on their own without an experienced Chandler Chapter 13 Bankruptcy attorney faces a daunting task. The stack of paperwork to file for Chapter 13 is massive in length and complicated to complete. The forms require you to produce detailed financial information, provide complex financial analysis and prepare a feasible repayment plan that meets very specific criteria. The Chapter 13 filing must not only provide the kinds of information that is required in a Chapter 7 Bankruptcy filing but must also provide a detailed repayment plan. The plan will list and classify all types of creditors and the way that each class of creditor will be treated under the plan.
Our Chandler bankruptcy law firm conducts a comprehensive analysis of all of our clients’ assets, debts and income to develop a financial plan designed to be approved by the Bankruptcy Trustee and provide the best financial strategy for our clients. Whether you are considering filing a Chapter 13 Bankruptcy because you are trying to protect your home or because you cannot qualify for a Chapter 7 under the means test, our experienced Chapter 13 Bankruptcy attorneys are available to answer your questions and guide you through the Chapter 13 Bankruptcy process.
At Stone Rose Law, we have successfully used the Chapter 13 Bankruptcy process to guide Chandler residents from the precipice of losing their family home in foreclosure back to financial security. We know that for many families, their house is the most valuable asset they own. We provide thorough financial analysis and carefully developed Chapter 13 Bankruptcy plans designed to protect your family home and put you back on the road to financial success. Even if you are months or more than a year behind on your home mortgage, we urge you to contact our experienced Chandler Chapter 13 Bankruptcy attorneys to see how we can help you reduce your debts and keep your house. Stone Rose Law provides individualized bankruptcy options designed to protect your property and build financial stability for your family’s future so contact us today at 480-498-8998 today.