Chapter 13
Chapter 13 allows you to restructure debt payments to creditors over a three- to five-year period. Unlike the Chapter 7, the Chapter 13 can include secured creditors with collateral such as vehicles, furniture, equipment and even mobile homes.
Chapter 13 cannot modify mortgages, however, it can stop a foreclosure and allow past due payments and foreclosure costs to be paid through the plan so long as future payments can be made to the mortgage holder.
Unsecured creditors generally receive no interest and are normally paid a percentage of their balance which can be as little as ten percent. Chapter 13 can also stop IRS and state wage garnishments and executions. A Chapter 13 plan may also be appropriate if you have property that you would lose in Chapter 7 but want to retain by paying its' non-exempt value through the plan. Once Chapter 13 is filed any actions being taken against you by creditors are immediately stopped.
WE ARE A FEDERALLY RECOGNIZED DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.