Chapter 13 Bankruptcy
Chapter 13 Bankruptcy can also be called a structured repayment plan. It provides more flexibility, covers more kinds of debt and gives you more options than a Chapter 7 bankruptcy. However it also takes longer and is somewhat more complicated. Chapter 13 is a three to five year process, so you’ll want to make sure you have the right attorney at your side.
In an Oregon Chapter 13 bankruptcy filing, we help you figure out how much money you need to live on each month. We subtract all reasonable expenses from your income and just use disposable income you have to pay off debts. That means that creditors can’t demand more from you than you can afford to pay. You pay only one bill, through the Bankruptcy Trustee, and it’s a payment you know you’ll be able to afford. No more harassing phone calls or trying to decide which bill to pay!
Why would I file Chapter 13 Bankruptcy?
Our most common cases are helping people and businesses file for bankruptcy under Chapter 13 or Chapter 7 of the Bankruptcy Code. Many people are familiar with the basics of Chapter 7 Bankruptcy, but why would you choose to file under Chapter 13?
• If you want to protect property that might have to be sold in a Chapter 7 bankruptcy. If you have some assets (like a house or a car) that are not exempt from liquidation in a ‘straight bankruptcy’, we can help you hang on to them with a Chapter 13 filing.
• If you are behind on car or house payments and you need time and space to catch up over time. Chapter 13 can help you stop getting more and more behind and ensures you can afford your monthly payment.
• If you want to modify or adjust the debt you owe on a vehicle or mobile home.
• If your finances don’t pass the Means Test, usually meaning you make more than the median state income.
• If you’re not eligible to obtain a Chapter 7 discharge for some other reason (like another bankruptcy filing recently).
• If you are seeking a ‘super discharge’ that may eliminate or discharge debt that Chapter 7 can’t wipe away.
• If you want to protect a co-debtor from legal action.
• If you need to avoid interest payments on federal or state taxes and need to negotiate those debts.
Oregon Chapter 13 bankruptcy give you more options.
Filing Chapter 13 bankruptcy is a longer and more complicated process. But it also provides you many more options, and can discharge more types of debt than the more simple Chapter 7. It can protect people you love and help you keep things that are important to you. You’ll still make payments, but you won’t be spinning your wheels on interest any more. You’ll pay only what you can afford, and at the end of the agreed upon time (usually 3 or 5 years), you’ll be free.
Although that may sound a long way off, we want to reassure you that it won’t take 3 to 5 years to feel like you can breathe again. Retaining us to help you with a Chapter 13 bankruptcy means that we shoulder the weight of creditor calls and legal proceedings. It’s not just on you anymore! We can help and you can spend those years planning and building a brighter future for you and your family.
Ready for more answers?
If you’re considering Chapter 13 bankruptcy, you probably have a lot of questions. We’d love to help you get answers. You can find your next steps here, on our Get Started page.
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We know that facing financial difficulties is hard, and you don’t have to do it alone. Schedule a consultation with us and we’ll help you create a brighter future.