Using Chapter 13 to Pay Off Your Debts
While filing Chapter 7 bankruptcy is a fast way to eliminate debts and get a fresh start, not everyone will qualify for Chapter 7, nor will it be the right chapter for everyone. If Chapter 7 is not available to you, or is not the right choice for you, Chapter 13 bankruptcy can still allow you to eliminate your debts over time.
At Perez Law Group we have attorneys in Phoenix and Glendale who are committed to helping consumers in Arizona regain control over their finances. We have extensive consumer bankruptcy experience and work closely with our clients, providing them with the personal service needed during a difficult time.
How Can Chapter 13 Help?
Filing for Chapter 13 bankruptcy is nothing to be ashamed of. Chapter 13 bankruptcy gives you an opportunity to get your finances in order and pay off a portion of your debt over time. The Chapter 13 payment plan lasts for a period between three and five years, and most debts incur zero interest during this period. Once you have completed your payment plan, the remaining portion of your debt is wiped out, or discharged.
Chapter 13 bankruptcy can be ideal for people who have income to make a mortgage payment, but have fallen behind due to unforeseen circumstances. The Chapter 13 payment plan can wrap in your mortgage arrears so that you become current on your mortgage and avoid foreclosure.
Chapter 13 bankruptcy can also help if you have a vehicle that is worth less than the amount owed on it. In certain circumstances, these loans can be “crammed down” to the market value of the vehicle and spread out over the three to five year repayment period. This can significantly lower your monthly vehicle payment.
Contact the Perez Law Group
To find out how Chapter 13 bankruptcy can help you lower your monthly payments and put your debt problems behind you, contact us today for a free initial consultation. We offer affordable rates and personal attention.
The Arizona bankruptcy attorneys at Perez Law Group represent individuals throughout the Phoenix metropolitan area.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.