If you’ve been overwhelmed by debt but you make a good income, you may still be able to legally consolidate your debts to make them easier to repay. Instead of worrying about where the money will come from to pay your debts, your house payment, car payments, and utilities, you can get everything reorganized to make it all easier to pay. Consult a Chapter 13 attorney in Fall River, MA for information on repaying your debt.
What Is Chapter 13?
A Chapter 13 bankruptcy allows you to reorganize your debts to make it easier to repay your creditors. Depending on your income and the size of your household, you will be given three to five years to make a partial repayment of your debts. Once the repayment period ends, the remaining debt will be discharged. If you have questions about filing to reorganize your debts, contact the Law Offices of Tara M. George, PC to speak with an attorney.
Debts to Include
A payment plan can include most secured and unsecured debt that you have but there are limits on the amounts. If you have less than $360,475 in unsecured debt and less than $1,081,400 in secured debt, than a Chapter 13 attorney can help you. However, if either amount is above the limit, then your lawyer will advise you to file for Chapter 11.
Unsecured debt includes unsecured personal loans, unsecured second and third mortgages, medical bills, and credit card debt. Secured loans may include car loans, your mortgage, and other loans you may have that were secured by your house or other collateral.
A Chapter 13 attorney will tell you how to file and what debts to include for reorganization as well as give you advice about protecting assets that you want to keep, such as your home and car. A good law firm can help you regain your financial freedom.
