Lamar, Nevada, and Joplin Bankruptcy Debt Repayment Plan Attorneys
Chapter 13 bankruptcy is a debt reorganization and repayment plan for wage earners. It is often used by homeowners to stop foreclosure. Chapter 13 bankruptcy also provides relief from credit card bills and other types of debt.
The lawyers of Checkett & Pauly, P.C., help individuals in Lamar, Nevada, Carthage, Neosho, and other communities throughout southwest Missouri file Chapter 13 bankruptcy. We offer a free initial consultation to discuss your financial situation and determine if Chapter 13 is the right form of bankruptcy protection for you.
What Will Chapter 13 Bankruptcy Do for Me?
When you file Chapter 13 bankruptcy, the court will approve a plan to repay some or all of your debts over a three- to five-year period.
Some debts, such as mortgage arrearages, must be repaid in full if you want to keep the asset. However, unsecured debts, such as credit card bills and hospital bills, can usually be paid for a small fraction of what you owe.
Why Would I File Chapter 13 Bankruptcy Instead of Chapter 7 Bankruptcy?
There are many reasons why you might choose to file Chapter 13 bankruptcy:
- You are not eligible to file Chapter 7 bankruptcy.
- You are behind on your home mortgages and want to save your home.
- You have a second mortgage on your home and are underwater on the first mortgage. Filing Chapter 13 bankruptcy will allow you to strip the lien from the second mortgage and treat it as an unsecured debt, where you may only have to pay a fraction of what you owe.
- You have tax debts. By placing your tax debts in a Chapter 13 plan, you can pay those debts off over time without incurring interest or penalties.
Free Attorney Consultation
To discuss your bankruptcy needs with our Carthage Chapter 13 bankruptcy attorneys, call 866-451-8303 or fill out the contact form on this website.
We are a debt relief agency. We have helped help people file for bankruptcy relief under the Bankruptcy Code since 1977.