If you are employed with a steady income, but are still struggling with overwhelming debt and falling behind on your mortgage, McCook Law Firm, LLC can help you get relief and save your home.
Chapter 13 bankruptcy resembles a loan consolidation that allows debtors to pay off a portion of their debts in installments over a three-to-five-year period under a federal court-ordered repayment plan and have the remainder of their qualifying debt discharged.
Chapter 13 allows some debts to be discharged that can't be discharged in Chapter 7. This includes marital debts created in a divorce agreement (exclusive of spousal support or alimony), court fees, certain tax-related debts, condo and homeowners' association fees, debts for retirement loans, and debts that could not be discharged in a previous bankruptcy.
The most common reasons for a chapter 13 bankruptcy are:
In Chapter 13 bankruptcy, you and your attorney will work to prove your eligibility for a debt reorganization to a bankruptcy trustee, who administers the proceedings. You’ll get court approval of a plan to repay both
unsecured and secured debts in part or in full. With extensive experience in this area, McCook Law Firm can help you file Chapter 13 quickly and efficiently. Once you have filed for bankruptcy, your creditors must immediately stop collections efforts, including harassing letters and phone calls.
To qualify for Chapter 13 bankruptcy:
One of the many advantages of a Chapter 13 filing is that you can save your home from foreclosure. A court-issued automatic stay stops foreclosure as soon as you file your Chapter 13 petition. You can then cure your delinquent mortgage payments over your repayment period. Chapter 13 requires you to develop a plan with a reasonable schedule for bringing your past-due payments current, allowing you to keep your home. McCook Law Firm, LLC has experience with chapter 13 bankruptcy matters and I put my knowledge to use to protect your home during the bankruptcy process.
Chapter 13 bankruptcy process:
LOWERING DEBT PAYMENTS AND PROTECTING CO-DEBTORS
A Chapter 13 plan restructures your secured debts so that you can pay them over a longer period, often in lower payment amounts. In addition, it may be possible to protect co-signers of certain loans so as to avoid putting business partners and family members at risk of loss from your bankruptcy. I do a complete analysis of your financial situation to develop strategies and identify your best filing options.
Contact an experienced bankruptcy attorney in Albuquerque, New Mexico.
Don’t let crushing debt drive you out of your home. Chapter 13 can protect your home, lower your monthly expenses, and allow you to discharge qualifying debt. Call McCook Law Firm, LLC at (505) 600-2550 or contact my Albuquerque, New Mexico office online to schedule your bankruptcy consultation.
We can help you with: