Based in Fraser and Gaylord, Michigan, Bernadich Law can help you determine if Chapter 13 bankruptcy is right for your situation and put an end to collection actions and harassing phone calls from creditors.
It's all too easy today to fall behind on a payment or two. All it takes is an unexpected repair bill, medical bill or temporary drop in income and suddenly everything snowballs until you're months behind on your mortgage, car loan and credit card payments. Now creditors are harassing you on the phone and the bank is threatening to take your house away.
If this sounds like your situation and all you need is some extra time to get caught up, then Chapter 13 bankruptcy may provide you with the breathing room you need.
Chapter 13 bankruptcy is often the best solution for people who have fallen behind on payments due to unexpected expenses or temporary loss of income but have the ability to pay back their debts if given some time. Chapter 13 bankruptcy provides you with court protection against creditors while going through the restructuring and repayment process so you can live in peace and still pay off your debts.
Chapter 13 bankruptcy is a debt restructuring process. It allows people to develop a 3- to 5-year plan for repaying their debts and getting their finances back on track. During the repayment process, creditors are forbidden from taking any actions against you to collect the debts you owe.
Priority is given first to creditors with secured debts, like your mortgage company or car-loan holder who could claim your home or car if you fail to make payments. Once your mortgage, car payments and other secured loans are up to date, then payments are made to holders of unsecured debt, like credit cards.
Unlike a Chapter 7 bankruptcy, Chapter 13 bankruptcy does not require you to sell your property and possessions to pay off your creditors. So, in most cases, Chapter 13 filers are able to keep their home, car and other property even if there is a loan against them. For this reason, Chapter 13 bankruptcy is preferred by people who have the ability to eventually pay their debts.
A qualified bankruptcy attorney, like Peter Bernadich, can help you avoid mistakes that could get your case denied and negotiate better repayment terms with your creditors than you are likely to achieve on your own. An attorney also helps protect your rights against creditors before, during and after bankruptcy proceedings.
You're entitled to a Free, no-obligation consultation regarding Chapter 13 bankruptcy and your debt situation.
Complete our contact form on our Contact Us page and receive a free consultation with debt solutions and bankruptcy attorney Peter J. Bernadich.
Find out how we can help you protect your rights against harassing creditors and get you the time you need to catch up on payments. Or call our Fraser or Gaylord, Michigan bankruptcy attorney's office toll-free at (855) 650-2529.