Eugene Chapter 13 Bankruptcy Lawyer
Debt Relief And A Chance To Keep Assets
Chapter 13 personal bankruptcy, known as a wage earner repayment plan, allows the person filing to reorganize his or her debt and make a monthly payment to a case trustee for a period of 36 to 60 months. This monthly payment can be used to satisfy numerous creditors that are owed money.
If you are in debt that you cannot afford to pay off, Chapter 13 may be appropriate for you. Many people file under Chapter 13 because they do not qualify for Chapter 7 or because they want to keep certain assets that they couldn't keep in Chapter 7. Some families and businesses use Chapter 13 in order to keep their home or car while dealing with credit card debt and other unsecured debt.
What About Foreclosure Or Repossession?
In contrast to Chapter 7, a Chapter 13 bankruptcy can stop a house foreclosure or auto repossession, if filed before these events happen. To protect your home or your auto, you must file your Chapter 13 bankruptcy case before the date set for foreclosure or before your auto has been repossessed.
If you file under Chapter 13, you will be required to slowly catch up on any missed auto or mortgage payments within the bankruptcy case while also continuing to stay current on your ongoing monthly mortgage and auto payments. In some cases, Chapter 13 can be used to "cram down" or "strip down" the equity on a vehicle or a second mortgage so that the loan reflects the actual value of the collateral.
Every situation is unique. If you think you might benefit from Chapter 13 bankruptcy, talk to an experienced bankruptcy lawyer about your options.
Contact A Debt Consolidation Attorney Serving Springfield And Eugene | Free Consultation And Flexible Hours
I understand the stresses and time constraints faced by many families and individuals. I offer flexible evening and weekend hours, by appointment, in the Eugene, Oregon, area. Contact me, Kim Covington, to schedule a free consultation with a Eugene Chapter 13 bankruptcy attorney.
I charge flat rates, not hourly fees, for individual and small-business bankruptcy filings, and my rates are lower than those charged by many firms. I can clearly explain my rates during your initial consultation. To make things as easy as possible, payment plans are available.