A Chapter 13 Bankruptcy is a repayment plan that allows an individual or couple to repay a portion of their debts over a three to five year period. A Chapter 13 Bankruptcy plan payment is often much less than what someone has been trying to pay each month before bankruptcy for all of their bills. Chapter 13 bankruptcies have many benefits and offer some advantages that you may not find elsewhere.
- If you are behind on your home mortgage payments and want to keep your home, a Chapter 13 Bankruptcy may allow you to bring your mortgage current over a period of years and avoid foreclosure.
- If you are behind on your vehicle loan payments and want to keep your vehicle, a Chapter 13 Bankruptcy may allow you to bring your car loan current and depending on when your vehicle was purchased or last financed, you pay be able to “cram down” your car loan based on the current value of the vehicle.
- If you have property that cannot be exempted with your state or federal exemptions, it may be protected in a Chapter 13 Bankruptcy even though it may not be protectable in a Chapter 7 Bankruptcy.
- If you have nondischargeable debts such as recent taxes, a Chapter 13 Bankruptcy may allow you to repay these debts over a period of years without the concern of ongoing collection efforts by the creditor.
- Finally, if you are not eligible to file a Chapter 7 Bankruptcy due to another Chapter 7 Bankruptcy that was filed within the last eight years, you may be eligible to file a Chapter 13 Bankruptcy and obtain the protection you need.
At O’Bryan Law Offices, we have helped thousands of individuals and families file Chapter 7 and Chapter 13 Bankruptcies. Our experienced Kentucky bankruptcy attorneys will help you understand your options and determine which chapter of Bankruptcy is right for you. Our clients have dealt with many of life’s challenges, resulting in overwhelming debt. They chose to address their debt head on and give themselves the fresh start they deserve.
If you are interested in learning about your options through Bankruptcy, make an appointment to speak with one of the experienced Bankruptcy attorneys at O’Bryan Law Offices today. We now offer free “Life After Bankruptcy” courses to our clients to help them rebuild their credit score. Call us today at 502-339-0222 for a free Bankruptcy consultation. Get a Fresh Start today!