Crafting a Chapter 13 Payment Plan
If you have fallen behind on a mortgage, car loan or other secured loan, you may be facing foreclosure, repossession or other serious consequences. To protect your assets and get debt relief, Chapter 13 bankruptcy could be your best option.
At George T. Carlson & Associates in Englewood, Colorado, our experienced bankruptcy lawyers have helped many clients review and assess their financial situations. If Chapter 13 bankruptcy is right for you, we can develop a payment plan, prepare your filing and represent you at all bankruptcy proceedings. Contact us to schedule a free initial consultation about your bankruptcy options.
An Opportunity to Preserve Important Assets
Depending on your individual circumstances, filing for Chapter 13 bankruptcy may allow you to accomplish some or all of the following:
- Retain assets that would not be exempt from liquidation under Chapter 7
- Save your home from foreclosure
- Save your car from repossession
- Strip off an unsecured second or third mortgage
- Discharge divorce-related debt
If your Chapter 13 bankruptcy filing is successful, you will be required to make a monthly payment to the bankruptcy trustee for a period of three to five years. The payment amount will be calculated based on your regular disposable income. The bankruptcy trustee will use these payments to apply to repayment of your debts.
If you do not have a regular source of income or do not earn enough disposable income to make monthly payments, Chapter 7 bankruptcy may be preferable for you. Our experienced bankruptcy attorneys will help you decide on the best option.
A Manageable Plan for Partial Repayment
A Chapter 13 bankruptcy payment plan is a complex matter. Your ability to pay must be balanced with the legitimate rights of your creditors. Our bankruptcy lawyers are very experienced at sorting through all the relevant issues and crafting payment plans that receive approval from the bankruptcy court. We are also highly prepared to represent you at the mandatory meeting with creditors and all other proceedings.
Contact us to discuss whether Chapter 13 bankruptcy is right for you and, if so, what sort of payment plan we can craft to meet your debt relief needs.
At George T. Carlson & Associates, based in Englewood, Colorado, we represent clients throughout Colorado, including Denver metro, and the cities of Aurora, Centennial, Denver, Greenwood Village, Highlands Ranch, Littleton and Lone Tree; and Adams County, Arapahoe County, Denver County, Douglas County, Elbert County and Jefferson County.
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