Phoenix Bankruptcy Lawyer

Chapter 13

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What is chapter 13 Bankruptcy?

Sometimes known as the wage earners bankruptcy, Chapter 13 bankruptcy allows debtors with enough income to repay part or all of their unsecured debt over time and keep valuable assets like their home or their car. Debtors choose their own repayment plan with the approval of the court, with most plans set for a period of five years, although some can be completed in as little as three. The additional time for repaying debt through a chapter 13 bankruptcy plan is one of its biggest benefits, as it makes debt more manageable while also allowing filers to save valuable property from foreclosure or repossession. Contact our experienced  bankruptcy team today to see if this might be the right solution for you.

What Debts are Paid?

Debts, or claims as they’re called in a chapter 13 bankruptcy, aren’t all paid in the same manner. What you have to pay depends on whether the claim is a secured claim, unsecured priority claim, or a general unsecured claim.

Unsecured debts, like credit card or medical bills are the most common types of debts that are discharged. Non-Dischargable debts that can’t be forgiven include student loans, child support, alimony, any debt owed to the government and certain unpaid taxes.

Types of Claims in Chapter 13

Secured debt (Home or Car) must be paid and remain current while the arrearages are paid in the plan. Priority debt (taxes, support payment) must be paid off by the plan, and Unsecured debt varies from all to none being paid.

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Bankruptcy is an important step that can bring relief from debt.

Chapter 13 Benefits

Filing for Chapter 13 bankruptcy has many benefits, including some that you don’t receive when filing a Chapter 7 case or if you choose to not file bankruptcy at all.

Keep Your Home or Car

In chapter 13 you can keep your car if that is your desire. If you are late on and delinquent in your loan agreement you can repay that amount in your plan. In some cases, depending on the length of time you have paid on the loan, you can reduce the remaining balance owed.

Consolidate Payments

When filing chapter 13 bankruptcy secured and priority debts are paid back over a three to five year period. This allows you to restructure your debts, which means that unsecured claims, like credit cards or medical bills, may be paid back in full, partial, or not at all. This is dependent upon the debtors financial situation and their ability to repay the debt, and the courts approval of the plan.

co-signers may be protected

Co-debtors receive the same stay protections as the filing party in a chapter 13 bankruptcy,even though they themselves have not filed a petition. This means they

looks better on credit reports

Chapter 13 and Chapter 7 bankruptcy filings have the same affect on your credit score and stay on your credit report for the same length of time, but a lender might look more favorably at a chapter 13 filing.

Why choose us?

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WE GET RESULTS

Teague Law Firm Has Been One of the Largest Filers of Consumer Bankruptcy’s in Arizona For Nearly Two Decades, With Over 15,000 Chapter 7 and Chapter 13 Cases Successfully Discharged.

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WE PROVIDE GREAT SERVICE

We are committed to providing top quality representation and customer service by trying to exceed our client’s expectations. With a proactive approach that pays close attention to detail, we understand that efficient consistency is the key to providing an exceptional client experience.

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WE ARE KNOWN AND TRUSTED

One of our leading sources of new business is client referrals. Our clients trust us and continue to share our honest and ethical reputation with their friends and family.

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WE TAKE PRIDE IN OUR WORK

There is nothing better than being able to help people and make a difference in their lives. We are proud of our work and the thousands of people we have helped  throughout Arizona that we have helped over the past two decades.

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Office Information

 

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3101 N Central Ave Suite 100
Phoenix, AZ 85012

4500 S Lakeshore Dr Suite 344
Tempe, AZ 85283

Contact Us

Phone: (480) 686-9463
Fax: (602) 687-9336
Email: Robert@theteaguelawfirm.com

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