Chapter 13 Bankruptcy for Individuals and Married Couples
Chapter 13 Bankruptcy refers to a procedure allowed under The United States Bankruptcy Code in which individuals and married couples propose a Chapter 13 Plan specifically designed to accommodate the payment of certain important debts (such as a past-due mortgage payments and a past-due automobile payments), while, at the same time, drastically reduce or completely eliminate less important financial obligations (such as credit card debts, court-ordered judgments, etc.).
An individual who files a Chapter 13 Bankruptcy Petition is often referred to the “Petitioner,” and a married couple who file a Chapter 13 Petition are often referred to as the “Petitioners.” Many Chapter 13 cases are filed as a last resort in order to provide immediate and automatic relief from drastic creditor activities such as mortgage foreclosure sales, wage garnishments, court-ordered capias arrest warrants and tax seizures.
It is important to engage the services of a qualified attorney with extensive experience in the Chapter 13 Bankruptcy process. A professionally prepared Chapter 13 Plan allows a Petitioner to cure mortgage arrearages over a 3 to 5-year period and even eliminate entire second and subsequent mortgages on one’s residence and income properties. The Chapter 13 process is an extremely effective way for homeowners to stop pending foreclosure sales and to retain their homes.
The Chapter 13 Plan also affords a Petitioner with the ability to pay as little as 0% of the accumulated credit card debts, medical bills, dental bills and many other liabilities – even if judgments have already been entered in prior legal proceedings.
The successfully confirmed Chapter 13 Plan will allow for the monthly payments that the Petitioner is able to afford based upon the individual’s family needs and budget.
Chapter 13 Bankruptcy Attorney
Attorney Foley’s vast experience and knowledge in the Chapter 13 Bankruptcy arena will serve every individual and married couple in need of dramatic monthly expense modification. Please contact Attorney Foley today at (800) 503-6539 for a free, confidential and comprehensive consultation.