Chapter 13 Bankruptcy Attorney in Philadelphia
David M. Offen, Esq. – An Experienced Chapter 13 Bankruptcy Lawyer
If you are struggling with your finances and need a fresh start, enlist the help of an experienced Chapter 13 bankruptcy attorney in Philadelphia to help you determine the right course of action. The Law Offices of David M. Offen are here to help you make the right choices to get a fresh start and avoid the most common mistakes people make when finances become an issue.
If you are in arrears on your mortgage or real estate taxes, Chapter 13 can give you between 3 and 5 years to get caught up on the arrears. You can force the mortgage company to accept payments on the arrears while you continue to pay the regular mortgage payment.
Chapter 13 is also used if you are in arrears on an auto loan. In a Chapter 13 case you can keep all of your property. A repayment plan is filed with the court. In some cases, the car payments and/or mortgage payments can be lowered by paying them off in full through the Chapter 13 plan.
Chapter 13 allows you to restructure payments by combining many debts into the “plan” and paying one monthly payment to the Chapter 13 trustee for all the debts included in the plan.
How do I know if I should file for a Chapter 13?
You are probably a good candidate for a Chapter 13 if:
- You are behind on your mortgage payments or your home is in foreclosure, or you are behind on your car loan or furniture payments and want to make up the missed payments over time.
- You have taxes which are unpaid and non-dischargeable.
- Your income is too high to qualify for a Chapter 7; or you earn enough of an income that you can pay back some money towards your bills if given a time period of between 36 and 60 months regardless of whether your bills are up to date or delinquent.
- Your real estate or personal property is worth more than is permitted in a Chapter 7, but you can afford to pay your creditors from your income over time.
- You want to discharge certain debts in a Chapter 13 that are non-dischargeable in a Chapter 7.
- You really want to pay off your debts, but simply cannot do it without the protection of the bankruptcy court.
What are the advantages of a Chapter 13 bankruptcy?
Chapter 13 is one of the best financial tools available to prevent serious financial trouble before it starts. With Chapter 13, it is possible to strip away debts that you cannot continue to pay, adjust interest rates on debt that you choose to keep, and pay off other debt entirely.
Chapter 13 lets you rearrange your finances, repay a portion of your debts and puts you back on your feet. The plan will last from three to five years. It takes time, but can be a very successful way to alter your financial course and get you back on track.
You can use Chapter 13 to stop a house foreclosure, catch up on mortgage payments, and can actually lower your car payment and pay it off over the course of the plan. You can pay off your back taxes and stop interest from accruing on your debts. Your utility service cannot be shut off.
Who can file for Chapter 13 bankruptcy?
In order to file Chapter 13, you need to have a stable source of regular income. The money does not necessarily have to come from employment. It can be from a spouse’s income, pension, social security, disability payments, unemployment benefits, child support or maintenance, rents, and gifts of money from friends or family.
How can I file for Chapter 13 bankruptcy?
A Chapter 13 plan is based on the consumer’s monthly income, monthly expenses, debt, and property. Depending on these factors, consumers who qualify pay back either very little, some part, or all of their debts. As long as Chapter 13 consumers keep up with the plan, they are able to keep their property.
Our bankruptcy attorneys will help you determine if a Chapter 13 is the right solution for you. There is a meeting of creditors, which you must attend. The trustee will review our plan, and advise if he or she believe any adjustments need to be made.
As a general rule, the filing of the Bankruptcy Petition can accomplish the following:
- Stops creditors from calling you at home or at work and harassing you.
- Stops all lawsuits against you.
- Stops any attempt to repossess your car or other property.
- Stops any sheriff sale on your home or other property.
- Stops gas, electric, water and telephone shut-offs.
- Stops credit card bills and personal loan bills
- Stops IRS collection activities against you.
- Stops wage garnishments.
- Restores most drivers licenses suspended due to a judgment.
- Gives you up to five years in a Chapter 13 case to get caught up on any missed payments mortgage or car payments, back taxes or other secured loan payments, and a chance to get your financial situation in order and get back on your feet.
Today, filing bankruptcy is considered an appropriate solution to resolving financial problems. An employer or government agency cannot discriminate against you because you have filed for Bankruptcy Protection. Call The Law Offices of David M. Offen at (215) 625-9600 to consult an experienced Philadelphia Chapter 13 bankruptcy attorney today.