Chapter 13 bankruptcy is a powerful tool that allows you to reorganize your debt and get back on track.
A common misconception about Chapter 13 bankruptcy is that you are simply being given a payment plan under which ALL debt must be repaid.
This is not true—the amount you actually pay back is affected by factors such as your ability to pay and income. In addition, the debtor pays back all or a portion of their debts over a 3–5-year period.
You can prevent your home from being foreclosed upon by filing Chapter 13 bankruptcy, which involves making past-due payments through a payment plan. This MUST be filed in advance of a sheriff sale. It is imperative you act as soon as possible to save your home from foreclosure.
Filing allows you to pay past-due automobile payments through a proposed payment plan. Through “cramming down,” it may be possible to negotiate payments based on the vehicle’s current value, rather than on what you actually owe. At Thomas A. Blake Law Office, we have been able to successfully negotiate this option for many of our clients.
If you have significant assets, filing allows debtors to claim additional assets exempt.
If less than 8 years have passed since you last filed Chapter 7 bankruptcy, then it is not an option for your current situation. You may, however, file Chapter 13 bankruptcy. You then can qualify for a discharge four years after a Chapter 7 filing.
Perhaps you qualify for Chapter 7 bankruptcy but prefer to make a small number of payments to your creditors. That makes Chapter 13 a smart option.
Through Chapter 13 bankruptcy, it is possible to have second or third mortgages removed from your home. Following discharge, your lender for the stripped lien must remove its lien from your home
Like no other option, Chapter 13 bankruptcy enables you to recover financially while legally retaining your valuable assets. At Thomas A. Blake Law Office, we will assist you in deciding if Chapter 13 bankruptcy is right for you. Then, we’ll help you move forward in filing your case.
The filing process is straightforward. You will be required to complete credit counseling courses and attend an initial hearing. But we will complete the bulk of the work on your behalf. The second hearing is the confirmation hearing, after which you must submit payment to the Chapter 13 bankruptcy trustee. That trustee will then dispense those funds to your creditors. Upon completion of your payment plan, you will receive a court discharge that eliminates the balance of your dischargeable debt.
Our bankruptcy worksheet is available for review.
Contact Thomas Blake Law Office and make your fresh start today!
Phone: 605-336-1216
Email: legaladvice@tblakelaw.com
Address: 505 W 9th St Suite 202, Pettigrew Professional Building Sioux Falls, SD 57104
Hours: Monday – Friday 8:00am – 5:00pm