Benefits of Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a court-ordered procedure that enables individuals with any source of income to develop a plan to repay all or part of their debts in order of importance. Also called a "wage-earner's plan," Chapter 13 allows a debtor to keep their property, reduce or eliminate unimportant debts, and pay important debts over a three-to-five year period.
The benefits to filing Chapter 13 bankruptcy are plentiful in the hands of a knowledgeable, experienced attorney. At The Law Offices of Neil Crane, LLC, in Hamden, Connecticut, we use our knowledge and experience to provide customized Chapter 13 Plans that:
- Immediately 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.
- Creating a plan for repayment: It creates a plan for the repayment of secured debt, including tax debt and defaulted mortgage obligations over three to five years. Payments are made pursuant to a court-approved Chapter 13 Plan created by our experienced counsel in accordance with Bankruptcy Code provisions and your specific household income.
- Modification of your full obligation for the loan: Chapter 13 bankruptcy allows for deceleration of your mortgage debt so that your obligation to repay the entire loan at one time becomes a repayment plan for the arrearage over time. Regular monthly payments are resumed as of the date of your next scheduled monthly payment providing permanent solutions and saving homes.
- An opportunity to sell your home instead of foreclosure: Chapter 13 bankruptcy may create an opportunity for the homeowner to voluntarily sell their home rather than lose it through a strict foreclosure or court-ordered judicial sale. This, of course, depends on your desire to keep the home, and your ability to pay.
- Repayment of different types of loan obligations: Chapter 13 bankruptcy allows for repayment of other lien obligations such as delinquent taxes, water obligations, sewer obligations, state or federal taxes, and judgment lien obligations through a customized and affordable Chapter 13 repayment plan.
Talk to Us About How Chapter 13 Benefits You
At the Law Offices of Neil Crane, we are the largest providers of Chapter 13 relief in Connecticut. We use over 30 years of proven Chapter 13 success to provide you with the best Chapter 13 Plan possible. To learn more about how we can assist you, please do not hesitate to call us today at 203-230-2233, toll-free 888-249-3027, or complete our online contact form to discuss your questions and concerns with an experienced attorney. We offer a free consultation.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.