Resolve Your Debt With a Customized Debt Repayment Plan
When most people think of bankruptcy, they are usually thinking of Chapter 7. That is the type of bankruptcy that may require you to give up some of your property. However, that is not the only type of bankruptcy available. Chapter 13 is a form of bankruptcy that usually does not require you to give up any property. For that reason, it is the best option for many people. With the help of an experienced lawyer, you can determine whether it makes sense for you.
How Chapter 13 Works
Many people like Chapter 13 because it allows them the opportunity to pay off some or all of what they owe through a customized repayment plan. At the law office of attorney Curt Morris, we take great care in designing a repayment plan that works for you.
To create a repayment plan, we will look at your income and subtract the money you need to cover the essential monthly expenses such as food. Any money left over will be set aside for payments. These payments will be split among your creditors. Some creditors may receive payment for everything owed. Others may only receive a small portion of what they are owed, if anything. Chapter 13 repayment plans can include debts not allowed in Chapter 7 such as past-due house payments on a home that you may keep.
Repayment plans typically last between three and five years. When they are finished, if there is any debt remaining, it will be wiped out. You will be debt free.