Chapter 13 Bankruptcy

Debt Repayment

Columbus Lawyers Providing Chapter 13 Bankruptcy Guidance

Chapter 13 bankruptcy is an extremely powerful form of debt relief that many people overlook. It is a great way to for homeowners, small-business owners and others who have substantial assets to shed some debts while paying off others. These plans, often called waged-earner plans, allow indebted people to reorganize and eliminate their debts when a Chapter 7 bankruptcy is not the best option. They also enable filers to retain assets — like unprotected home equity — that they might lose in Chapter 7 bankruptcy.

For many high-income earners, Chapter 13 is the only bankruptcy option available. It is also a good option for people who own small businesses that would not benefit from the complicated and highly expensive Chapter 11 bankruptcy process.

At Guerrieri, Cox & Associates, LLC., in Columbus, Ohio, our lawyers can discuss the full range of debt relief options available to you, including Chapter 13 bankruptcy. Then we can pursue the option that best suits your needs and goals.

How Is Chapter 13 Bankruptcy Different?

Unlike Chapter 7 bankruptcy, which involves selling off (liquidating) certain assets to help offset the elimination of most debts, Chapter 13 bankruptcy enables people to eliminate unsecured debts and consolidate other debts into a manageable monthly payment plan.

Once the bankruptcy court approves this plan, the indebted party is obligated to make set monthly payments for a period of three to five years. This obligation is often a small fraction of the original debt. After it is fulfilled, all remaining debts are discharged and the formerly indebted party is free to begin a new financial life.


Additional Benefits Of Chapter 13: Stopping Creditors And Foreclosures

Like Chapter 7, a Chapter 13 bankruptcy can also stop creditor harassment, debt lawsuits, and wage garnishments. It is particularly useful as a tool to avoid home foreclosures. Even if you have already received a foreclosure notice, a Chapter 13 bankruptcy can halt a foreclosure action until your repayment plan can be implemented. Once your Chapter 13 repayment plan is in place, you can continue to make mortgage payments while simultaneously catching up on your past debts.

Because credit card debts and other unsecured debts are almost always discharged in a Chapter 13 bankruptcy, you may also have a smaller payment and more money left over to pay your remaining bills.

For more information about how a Chapter 13 bankruptcy can help you keep your most important assets, read our page entitled “Can I Keep My Property?

Contact Guerrieri, Cox & Associates, LLC To Learn More About Debt Repayment Plans

Since forming in 2003, Guerrieri, Cox & Associates, LLC. has represented thousands of individuals in Chapter 7 and Chapter 13 bankruptcy cases. In addition to obtaining discharges of debt, we have helped homeowners avoid second mortgages and judgment liens in hundreds of those cases.

Bankruptcy is complicated, but we can simplify it for you. For a free consultation with an experienced Columbus Chapter 13 bankruptcy attorney, contact us today.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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