What is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy is known as a “reorganization” type of bankruptcy. With Chapter 13, an individual proposes a “plan” to pay off a portion of their debts with monthly payments over a period of time. The amount of the payment varies based upon the amount of the debtor’s “disposable income,” which is the income that is left after all of the household essentials are taken care of such as housing, food, clothing, and transportation.
Chapter 13 Allows
You to Keep Property
Chapter 13 allows you to keep property that could be repossessed or foreclosed on if you were to go through a Chapter 7 bankruptcy. That is why Chapter 13 is ideal for people who own property but have fallen behind with the payments and need the protection while they reorganize their finances.
Also, if you do not meet the “means test” you might not be eligible for Chapter 7. People with higher income levels that have hit unexpected financial trouble or had an extended period of unemployment but are trying to get back on track often find financial relief from the reorganization of bills under Chapter 13 Bankruptcy. They have been able to go forward with rebuilding their credit and the promise of moving to financial freedom in the future.
Why Do I Need a Chapter 13 Bankruptcy Lawyer in Aurora, Littleton and Centennial?
The U.S. Bankruptcy Court “highly recommends hiring a competent bankruptcy attorney.” A knowledgeable lawyer will help you get the best fresh start.
Declaring bankruptcy is confusing, and the process of the Colorado Bankruptcy Court is complicated. Barry Arrignton has years of experience with Chapter 13 and Chapter 7 bankruptcy in Arapahoe County. He works with good people like you who are seeking a fresh financial start and relief from the harassment of debt collectors and creditors who don’t abide by the law. He believes that you deserve to protect the assets you’ve worked so hard to earn, and he wants to protect your way of life. Barry Arrington will fight hard to maximzie the relief that declaring bankruptcy can bring to your life. The Colorado Bankruptcy Court “highly recommends hiring a competent bankruptcy attorney.“ Barry Arrington is a competente Chapter 13 bankruptcy lawyer in Aurora, Littleton and Centennial – he can help you on your way to financial freedom.