Chapter 13 Bankruptcy Legal Services

In many ways, Chapter 7 bankruptcy is a better option. It gives you more flexibility and a quicker path to financial freedom. However, not everyone is eligible for Chapter 7. If you make too much money, you may not qualify. Moreover, if you have already filed for Chapter 7 in the past eight years, you won’t be able to do it again.

You may also want to file for Chapter 13 if you are behind on your mortgages or car loans. If you are facing foreclosure or repossession, then Chapter 13 is your best way out. Chapter 13 bankruptcy allows you to keep up with your current payments and make payments on any past-due balances. In this way, you can keep your property and get current on your mortgage or car loan.

Another reason you may prefer Chapter 13 bankruptcy is tax debt. Some tax debts can’t be discharged through Chapter 7. With Chapter 13, you can repay that debt over a period of three to five years.

Finally, you may want to choose Chapter 13 to keep any non-exempt property. If you have a large amount of valuable property, Chapter 7 may require you to give up that property. With Chapter 13, you can keep that property while getting a handle on your debt.

To qualify for Chapter 13 bankruptcy, you need a regular source of income. This is needed to make your payments to the trustee. You must also have enough money to cover your living expenses. If you don’t have this income, you may still be eligible for Chapter 7 bankruptcy.

When you file for Chapter 13, you get most of the same protections as you would when filing for Chapter 7. As soon as you file, an automatic stay goes into effect. This stops creditor harassment, and it can stop creditors from taking any action to collect your debt. Filing for Chapter 13 also protects you from foreclosure, repossession, and other types of lawsuits. To learn about other advantages, call Kryshak Law Office, LLC today. We’ll explore the pros and cons with you.

Chapter 13 bankruptcies incur higher fees than a Chapter 7 bankruptcy. This is mostly because your legal case will last up to five years. All bankruptcies are complex and technical, and they will incur fees. Your fees will vary, and we offer flexibility at Kryshak Law Office, LLC. Our fees are low, and we have payment plans available to make the process more manageable. The initial consultation is always free. The decision to pursue bankruptcy isn’t easy, and we’ll be there for you every step of the way. We provide personal service with a hands-on touch, and we’ll always be there to answer your questions about Chapter 13 bankruptcy and other legal concerns.