Job loss, injuries, divorce, sudden illnesses — there are numerous events in life that can lead to the accumulation of large amounts of debt. If you find yourself facing an unmanageable debt load, bankruptcy may be the right tool to use to get things back on track.
At ARM Lawyers, our attorneys are passionate about helping people regain control of their financial lives. With more than 75 years of combined experience, we understand the complexities of bankruptcy law in Pennsylvania, and we are here to guide you through the process and into a brighter future. We often do that using Chapter 13 bankruptcy and debt restructuring.
Should You Consider Chapter 13?
Chapter 13 is designed to set you up with one manageable, interest-free monthly payment. The payment amount is based on your ability to pay. Therefore, you will need to have some steady income in order to utilize this option. As a general rule, our Stroudsburg Chapter 13 bankruptcy lawyers encourage clients to think of this as an option if:
- They have a source of stable income
- They have too much income or too many as.sets to qualify for Chapter 7 debt liquidation.
- They are facing overwhelming credit card debt, medical bills or are behind on mortgage payments.
- They have received a bankruptcy discharge within the previous eight years.
When you file for Chapter 13, your debts will be reorganized by the court. You will receive a three- to- five- year repayment plan. The amount of the payments will be proportional to your ability to pay. Your payments will first be applied to secured debt (such as your mortgage). At the end of the plan, you will be considered current on those secured loans, and any unsecured debt (like credit card debt) that remains will be eliminated.
Like Chapter 7, Chapter 13 puts a stop to creditor harassment, home foreclosure and wage garnishment. And, because you are making payments each month, Chapter 13 helps you begin repairing your credit, which is essential to your future.
How do I deal with creditor calls?
Contact a Monroe County Lawyer for Help Stopping Foreclosure
Chapter 13 bankruptcy may be best way to regain control of your life. ARM Lawyers, LLC, can skillfully guide you through the process. Contact our law offices today to learn more about how we can help you get relief from debt. Call 570-257-4509 (Stroudsburg), 484-765-8140 (Palmerton), or 610-849-2788 (Bethlehem).We are a debt relief agency. We help people for relief under the U.S. Bankruptcy Code.