With numerous companies offering debt consolidation services, it is crucial to remember that Chapter 13 bankruptcy remains the only true method of debt consolidation and elimination. Filing for Chapter 13 not only affords you breathing room in the repayment of debts, but you also gain several governmental protections such as the automatic stay. Rauser & Associates Legal Clinic LLP will discuss your options for stabilizing your financial future.
Schedule a consultation at one of our many offices throughout the state, including Columbus, Cleveland, Akron, Youngstown and Canton.
In Chapter 13 bankruptcy, you will create an affordable payment plan to help you get back on track. Chapter 13 repayment plans generally last three to five years. At the end of that time, any unpaid, unsecured debt may be discharged.
There are various restrictions associated with filing Chapter 13 bankruptcy. It is important to discuss your specific situation with an experienced bankruptcy attorney.
Debt Reorganization And Repayment
There are numerous benefits to filing Chapter 13 bankruptcy, including:
- Stopping foreclosure: Chapter 13 can stop a foreclosure any time prior to a sheriff's foreclosure sale and allow you to repay your mortgage arrears. You will still be obligated to make all future payments directly to the mortgage company, but it may not proceed with the foreclosure. Additionally, you might be able to modify the terms of your original mortgage to make your payments more manageable.
- Consolidating student loans: Although you may not eliminate student loans in Chapter 7 bankruptcy, you can consolidate student loan debts with your other bills in Chapter 13 and stop a collection action against you. We can stop the collection action and garnishments related to student loan debts.
- Co-signer protection: Your co-signers get protection, too — in fact, the same protection that you receive under Chapter 13. Chapter 13 may protect your co-signers from collection activity while you are in your repayment plan.
- Stopping repossession: Our law firm can use Chapter 13 to stop a finance company from repossessing your vehicle. The past-due payments, along with the outstanding balance on the car loan, will be consolidated into the Chapter 13. The finance company cannot repossess your car, and you will not have to make a payment directly to the finance company. In some instances, we can even get your car back if it was recently repossessed.
An experienced bankruptcy lawyer can provide information tailored to your unique financial needs. Do not hesitate to contact a skilled attorney.
If you have further questions about filing Chapter 7 or Chapter 13 bankruptcy, contact any of our convenient Ohio offices by calling 888-843-5787. We have offices in Columbus, Cleveland, Akron, Youngstown and Canton and throughout Ohio.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.