_ If you
have a decent income but find that your debt and the interest on that
debt have grown out of control, Chapter 13 bankruptcy might be right for
you.To be sure, consult with Albuquerque
Chapter 13 law firm Dan A. Ribble, LLC to find out exactly how a
Chapter 13 bankruptcy filing will affect your income, your credit, and
your assets over the years.
What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy allows you to create an interest-free repayment plan for most of your debts.You
file an income and expenses report with the court, as well a number of
other financial documents like tax returns, student loan records, any
liens on your property, and records of any alimony or child support
payments.You also file a
proposed repayment plan with the court, either with your bankruptcy
filing or within 15 days after filing bankruptcy.
court may appoint a trustee to whom you make payments at regular
intervals—usually every two weeks or once a month—and who will then
disburse the funds to your creditors in accordance with your repayment
plan.Or you may skip the trustee and make the payments directly to your creditors.You make these payments for three to five years, depending on your income and expenses.
What are the advantages of Chapter 13 bankruptcy?
a Chapter 7 bankruptcy, in which all non-exempt assets are sold to pay
off creditors, Chapter 13 bankruptcy allows you to keep your assets as
long as you keep up with monthly payments.So
if you have already completed payments on your home, or are just a
couple more mortgage payments away from outright ownership, you will not
lose your house to pay off creditors.If
you still have mortgage payments to make, you continue to make them
throughout the Chapter 13 repayment plan and afterwards, if necessary,
paying off any arrears as part of the repayment plan.
Albuquerque personal bankruptcy law firm
a general understanding of how the process works does not tell you
exactly how filing Chapter 13 bankruptcy would affect your credit, your
disposable income, or your assets.For details, set up an appointment with Dan A. Ribble, LLC, an experienced and empathetic New Mexico personal bankruptcy lawyer.He helps you decide whether bankruptcy is your best option and how to pursue it while protecting your assets and your credit.