Make the right decision to relieve your debts

Enhance your asset protection with Chapter 13

Sometimes Chapter 7 bankruptcy is not sufficient to protect your assets, and Chapter 13 is a better choice. Steven M. Adler will guide you through the options and help you select the approach that works best.

Typically, Chapter 13 is a longer process than Chapter 7 and can last anywhere from 36 to 60 months. During that time, you will make weekly or monthly payments to a trustee, who in turn makes payments to your creditors on your behalf. See our Bankruptcy Resources page for trustee links that can help you understand their function.

Why you might choose to file Chapter 13 bankruptcy

• To catch up on delinquent mortgage payments or real estate taxes. In Chapter 13, a debtor can pay the delinquent amounts over a period of 36-60 months and protect their home from foreclosure.
• To restructure automobile loans with high payments, high interest rates, or payoff balances that exceed the value of the vehicle.
• To protect assets that might be subject to auction or sale in Chapter 7. By paying back creditors a percentage of their debt through a Chapter 13 plan, the non-exempt assets are kept permanently beyond the reach of your creditors. The exact repayment amount is determined by a variety of factors, including the value of your assets and monthly income. Some people filing a Chapter 13 pay as little as 2% (2 cents on the dollar) to their general unsecured creditors (credit cards, medical bills, utility bills, cell phone bills, repossessions and cash advances). However, depending on the value of their assets and income, there are also people paying close to 100% to the unsecured creditors. In any event, people filing Chapter 13 NEVER pay interest on their unsecured debt.
• To obtain a discharge of unsecured debt when a person’s income is too high to qualify for Chapter 7.

Get sound advice and ongoing attention to your debt relief process

DISCLAIMER: This website of the Law Offices of Steven M. Adler provides general information on bankruptcy as a public service. Information is intended - but not promised or guaranteed - to be current and correct. The content of the website should be construed as advertising. No attorney / client relationship is created by viewing the contents of this website, filling out and submitting any contact forms or requesting a free case evaluation.