Beat Your Debt by Filing Chapter 13 Bankruptcy
When most people think of bankruptcy, they think of Chapter 7. They think of turning over their property and getting a quick and complete liquidation of their debts. It is important to understand that there is another option that works well for many people, and that is filing Chapter 13 bankruptcy and creating a debt repayment plan.
I am Boston bankruptcy attorney Kenneth C. Ackerman. My experience allows me to answer any questions you have about bankruptcy, and to help you figure out if filing Chapter 13 makes sense for you. Call me at 617-892-4334 (toll free 866-936-5506) or contact me by e-mail to schedule a free initial consultation.
Chapter 13 Is Debt Reorganization Bankruptcy
This type of bankruptcy is for people who have enough income to pay something to their creditors. Essentially, using the amount of income you have above and beyond that which is necessary to pay day-to-day expenses, you will create a repayment plan that is designed to pay off a certain percentage of your debt within three to five years. After that period is finished, the remaining debt will be discharged. One of the critical benefits of Chapter 13 is that, when you ask "Can I keep my property?", the answer will be yes.
There is also more flexibility within Chapter 13. For example, if your income unexpectedly decreases, you can amend your repayment plan. If necessary, you can convert to Chapter 7 bankruptcy if you can no longer manage a repayment plan.
What Debt Do You Need to Discharge?
Even debts that you wouldn't be able to discharge in Chapter 7 can be managed through a Chapter 13 repayment plan. Essentially, all of your debt can be made part of the plan, although not all of it can be discharged at the end of the plan. Whether your debt includes credit card debt, medical bills, a mortgage or student loans, Chapter 13 can benefit you.
Put My Experience to Work for You
As a Chapter 13 bankruptcy lawyer, I have helped people throughout Massachusetts get fresh starts on their finances. My office is conveniently located in the heart of downtown Boston, directly across from City Hall Plaza and the Government Center T-stop.
Schedule a free, no-obligation initial consultation by calling 617-892-4334 (toll free 866-936-5506) or contact me by e-mail.
My law firm is a debt relief agency. My law firm helps people file for bankruptcy relief under the Bankruptcy Code.
