What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a debt consolidation plan. It is your opportunity to get back on track by building a payment plan designed to get rid of your debts in a way that works for you.
Do I Lose All of My Debts?
While you will make payments during a three- to five-year period, these payments will be designed to work for you. Nearly all of your debts — from credit card debts to car payments — will be eliminated by the time the Chapter 13 bankruptcy process is finished. Some long-term debts may remain, such as house payments, but you will have been provided with the opportunity to catch up on any that have become past due.
Do I Lose All of My Property?
The strength of Chapter 13 bankruptcy is that it allows you to keep your property. You keep your house. You keep your car. In fact, this type of bankruptcy is often specifically used to prevent you from losing your property. It can stop foreclosure and stop repossession. Your property will continue to be your property.
How Long Does It Take?
Depending on your situation, the debt consolidation plan will last between three and five years. When the process is over, you will receive a notice from the court indicating so.
Is Filing Chapter 13 Bankruptcy Right for Me?
An experienced bankruptcy lawyer can answer that question for you.
At the law firm of Bryan P. Keenan & Associates, we believe that every situation is unique. You can expect us to carefully analyze your situation to ensure that the advice we provide is the advice that is right for you.
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E-mail us or call us at 1-866-753-6857 to talk about Chapter 13 bankruptcy with an experienced attorney in Pittsburgh, Pennsylvania.