Reorganizing Your Debts
Chapter 13 bankruptcy is often a good alternative to Chapter 7 bankruptcy for people who are behind on their home mortgages and car loans but still want to keep their house or car. At Rush M. Shortley, Attorney at Law, I have been helping individuals and families overcome their financial dilemmas and pay back their debt through Chapter 13 bankruptcy for more than 40 years.
Based in Cedar Rapids and Coralville, my offices are conveniently situated to assist residents throughout eastern Iowa.
Chapter 13 – Regain Control Of Your Debts
Chapter 13 bankruptcy or personal reorganization bankruptcy allows individuals to reorganize their debt into a manageable, court-approved financial plan that can be paid over the course of three to five years. You make payments based on a plan that functions as a budget.
A Chapter 13 can be a powerful tool to regain control of your financial health, allowing you to make mortgage arrears payments during the entire term of the plan instead of the acceleration of payments demanded by the loan documents.
You may also be able to eliminate a significant amount of your unsecured debt, freeing up cash resources that can help to keep your current payments for your mortgage or vehicle loans on time and on track.
Chapter 13 bankruptcy allows you to:
- Save your home from foreclosure
- Save your vehicles from repossession
- Stop creditor harassment and collections
- Make an approved debt restructuring plan that allows you to pay at least some of your unsecured debt
- Make manageable payments on your nondischargeable first priority unsecured debts, such as unpaid income taxes and past-due child support, and pay them off by the time your plan is completed
Working with a knowledgeable, experienced Chapter 13 bankruptcy lawyer like me will help you understand the most beneficial debt relief options for your situation. I will work with you to create a viable plan and file Chapter 13 after assessing your debt, your household income, expenses and remaining disposable income.
Contact Rush M. Shortley, Attorney at Law, Today
Rush M. Shortley, Attorney at Law, is a debt relief agency. My firm helps people file for bankruptcy relief under the Bankruptcy Code.