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Chapter 13 Bankruptcy Attorney in St. Joseph, MI

Thomas Betker

Should I File Bankruptcy?

Chapter 13 bankruptcy can relieve stress that comes with financial burdens. However, this option is not for everyone. For example, those who have had their debt discharged in the past two years and those who have had a dismissed bankruptcy case in the past 180 days are ineligible. Chapter 13 bankruptcy is also only available to those who have less than $336,900 in unsecured debts and less than $1,010,650 in secured debts.

When to Use Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is better than a Chapter 7 bankruptcy in some instances. Chapter 13 is right for you if you are behind on your mortgage or car loan and want to make up your missed payments. In addition, it is the best choice if you have debts that cannot be discharged in Chapter 7, have nonexempt property that you want to keep or if you have a co-debtor on a personal debt. Call us today for more information.

How Will Chapter 13 Bankruptcy Help?

In Chapter 13, debts generally are not dismissed. However, a Chapter 13 bankruptcy consolidates your debts with a payment based on what you can afford in the next three to five years. Often, the amount you pay back is less than the full amount owed, and your interest rates can be reduced substantially.

What Debts Will I Still Need to Pay?

Under Chapter 13, some debts must be paid in full. Child support, alimony and nondischargeable taxes must be paid off, even though these are unsecured debts. In addition, secured debts such as mortgage, vehicle loans and tax liens must be paid in full during the repayment time. Other debts are then reduced.

Free Initial Consultation

If you are struggling financially, the attorneys at Armstrong, Betker and Schaeffer, PLC are here to help. Those considering bankruptcies are entitled to a free initial consultation. There, we can help you choose Chapter 7 or Chapter 13, review your paperwork and get the best possible outcome. Don’t let debt take over your life. Bankruptcy is the beginning of a chance at financial redemption.