Benefits Of Chapter 13 in Meriden
At the Law Offices of Neil Crane, we understand the entire Chapter 13 process and the comprehensive benefits provided in a properly filed Chapter 13 petition and Plan of Reorganization. Chapter 13 provides for your financial needs by:
- Stopping foreclosure: Chapter 13 bankruptcy creates an immediate automatic stay on all creditor actions, including the immediate stoppage of all foreclosure actions at any time during the foreclosure process.
- Modification of mortgages: Chapter 13 bankruptcy allows you to decelerate any mortgage debt, and repay the entire loan or just the loan arrearage over time. Regular monthly payments are restarted on the next monthly due date, while back balances are paid over a three-to-five year period.
Chapter 13 has the best special provisions found in any laws. Chapter 13 provides for the protection of individuals and families seeking complete debt relief from any types of bills or obligations.
To learn how Chapter 13 can protect your assets and reduce or eliminate your debts, call us at 203-230-2233 or toll free at 1-888-249-3027. We never charge for an initial consultation.
Lien Stripping Second Mortgage Liens and Attachments in Chapter 13
Chapter 13 allows for the removal of secured obligations by lien stripping of mortgage liens or attachments of real estate to the extent that the value of the home does not provide equity for the lien position. In today’s market, this means that many so called “underwater mortgages” can be removed. Removal allows these liens to be treated as unsecured debt subject to permanent elimination or reduction. Lien stripping is a very powerful procedure that is not available in Chapter 7 bankruptcy.
Chapter 13 allows for lien stripping of mortgages, liens and attachments that do not have sufficient underlying collateral value. In Chapter 13, this powerful tool is fully available without any consent from the mortgage holder.
Understanding all the nuances of Chapter 13 requires the full knowledge of the most experienced legal counsel possible. At the Law Offices of Neil Crane, we’ve filed and successfully confirmed hundreds of Chapter 13 Plans for our Meriden clients.
At the Law Offices of Neil Crane, we craft Chapter 13 cases that properly prioritize debt and preserve financial resources through court-ordered Chapter 13 Plans of Reorganization.
Chapter 13 provides for elimination or reduction of all other forms of unsecured debt, including:
- Credit Card Debt Relief
- Relief from Collection Actions
- Personal Loans Elimination
- Relief from Lawsuits and Judgments
- Elimination or Reduction of State Income Tax
- Elimination or Reduction of Federal Income Tax
For a free consultation about Chapter 13 and how it can save your home, call us today at 203-230-2233 or toll free at 1-888-249-3027, or fill out our online Contact Form for a prompt, knowledgeable response to your inquiry.