Chapter 13 bankruptcy is an effective debt relief solution for people who want to keep some of their secured assets, like their homes, while eliminating their unsecured debt. Also referred to as reorganization bankruptcy, Chapter 13 bankruptcy will generally require people to develop detailed plans for repaying their creditors (rather than liquidating assets to repay creditors, as in Chapter 7 Bankruptcy).
The most common reasons for filing a Chapter 13 bankruptcy is to pay recent taxes, cure mortgage arrears to avoid a foreclosure, or to cure past due car payments to avoid repossession. People who may also be best-served filing for Chapter 13 bankruptcy can include those who:
There can be a number of other situations in which filing for Chapter 13 bankruptcy will be in an individual’s (or a business’) best interests, so don’t hesitate to contact the experienced Denver bankruptcy attorneys at Garcia & Gonzales, P.C. for professional, honest advice about your best options.
As previously noted, Chapter 13 bankruptcy will require people to devise very detailed plans regarding how they intend to repay their various creditors over the next three to five years. While these plans (known as repayment plans) can outline how certain debt will be repaid in full (like mortgage debt when people want to keep their homes after bankruptcy), they can also provide for the partial repayment of unsecured debt (like credit card debt, etc.), depending on the judgment in a given case.
Here are a few more important things to know about repayment plans in Chapter 13 bankruptcy cases:
With Chapter 13 bankruptcy, there may be a number of different benefits people can realize. In particular, some of these benefits generally include:
Are you located in Westminster, Colorado and ready to find out if Chapter 13 bankruptcy is right for your or your business? If so, it’s time to contact the experienced Denver and Westminster, Colorado bankruptcy attorneys at Garcia & Gonzales, P.C. With more than 50 years of combined legal experience, our trusted lawyers have the legal knowledge, skills, and insight you can count on to help you successfully resolve your debt issues.
To learn more about Chapter 13 bankruptcy and how we can help you, contact us today by calling or by emailing us using the drop-down contact form at the top of this page.
When you contact us, you will communicate directly with one of our attorneys, not a paralegal or legal assistant. We welcome Spanish-speaking individuals to contact us also – hablamos Español.