Benefits of Filing Chapter 13 Bankruptcy in Bristol
Chapter 13 bankruptcy is a court-ordered reorganization that enables individuals with regular income to develop a plan to repay all or part of their debts based upon their individual income and expenses. Chapter 13 allows you to keep all your property and pay debts over a three to five year period based upon your particular economic circumstances.
At the Law Offices of Neil Crane, we understand the full process and comprehensive benefits to filing Chapter 13 bankruptcy in Connecticut. A properly filed Chapter 13 petition and Plan of Reorganization will allow us to assist you in the following:
- Stopping foreclosure: Filing for Chapter 13 bankruptcy provides an immediate automatic stay against all creditor actions, including the immediate stoppage of a foreclosure action or sale.
- Modification of your mortgage or mortgages: Chapter 13 bankruptcy allows for deceleration of any mortgage such that you no longer have the obligation to repay the entire loan and instead can repay just the loan arrearage over time. Regular monthly payments are resumed as of the date of your next scheduled monthly payment, with the back balance over a three-to-five year period.
- Creating a plan for repayment: Chapter 13 creates a plan for the repayment of secured debt, including a defaulted mortgage obligation over three to five years. Payments are made pursuant to a court-approved Chapter 13 Plan created by our office as your legal counsel in accordance with Bankruptcy Code provisions and your household income.
- Elimination and/or tax repayment: Chapter 13 bankruptcy allows for the elimination of older state and federal income taxes in full along with favorable payment plans for more recent taxes, including real estate taxes.
- Repayment of different types of loan obligations: Chapter 13 bankruptcy allows for the elimination, removal or repayment of other non-consensual lien obligations such as delinquent taxes, water obligations, sewer obligations, state or federal taxes, and judgment lien obligations.
Contact Us to Learn About Lien Removal and Chapter 13 Bankruptcy Reorganization
At the Law Offices of Neil Crane, we’ve been providing Chapter 13 solutions in the Bristol, CT area since 1983. We always offer a free consultation. Please do not hesitate to call us today at 888-249-3027, toll-free 1-800-616-DEBT, or complete our online contact form to discuss your questions and concerns with an experienced attorney.
Second Mortgage Lien Removal in Chapter 13
Chapter 13 allows for the removal of all forms of secured obligations, other than residential first mortgages, if there is no available equity to support those obligations. This means that “underwater” second mortgages can be removed from your home by “lien stripping” under Chapter 13. Chapter 13 lien stripping also allows for the removal of:
- Equity lines are removable
- Tax liens are removable
- Attachments are removable
- Statutory liens are removable
- Attachments are removable
At the Law Offices of Neil Crane, we are one of the leading providers of Chapter 13 bankruptcy relief and lien removal services in Bristol, CT and throughout the State.
Contact Us online for a prompt response from an experienced Bristol Chapter 13 attorney, or call us at 203-230-2233 or toll free at 1-888-249-3027.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.