Chapter 13 bankruptcy is a type of bankruptcy that is available to individuals, married couples and those who are self-employed. This type of bankruptcy has no income requirements but the secured debts a person has must be under $383,175 and unsecured debts must fall under $1,149,525. This type of bankruptcy is advantageous to those who are facing foreclosure, since it can stop the process and allow for time for mortgage payments to be brought current. If you are dealing with more debt than your income can handle, you may have the option of filing for chapter 13 through the Attorneys in Casa Grande AZ.
Filing for chapter 13 can help you to overcome your debt and get back on your feet financially. You will have a period of three to five years for bankruptcy. The time period you are given will depend on your income and the amount of debt you owe.
When you file for this type of bankruptcy, your income is reviewed along with all of the debts you owe. You will be required to pay a monthly payment through a trustee of the court each month. This trustee will be responsible for distributing the funds among those creditors you owe. This can stretch out secured payments (other than your mortgage) and can make them more affordable for you.
While you are under the protection of chapter 13, you will not have to deal with any creditors. In fact, your creditors are not allowed to contact you, garnish your wages or attempt to take you to court. Your trustee will use your monthly payment to get your debts paid down within the specified bankruptcy period.
To get started on filing, you will need to meet with the Attorneys in Casa Grande AZ. It is important you bring in the required information on your income and debts so your attorney can properly file for you.
If you are in need of help with your debts, contact the office of Asheton B Call. Allow them to help you through your debt and give you information on what type of bankruptcy will be most beneficial for your needs.
