Repay Your Debt in Three to Five Years
Chapter 13 is a form of bankruptcy that allows you to work within a debt repayment plan determined by a judge. Typically, the repayment plan spans anywhere from three to five years and allows you to pay off your debt over time — resulting in manageable monthly payments.
Do You Qualify for Chapter 13 Bankruptcy?
When you turn to the Law Offices of Phil Hineman, P.C. for debt relief solutions, you will work directly with an experienced lawyer to determine if you qualify for Chapter 13. Attorney Hineman will carefully review your situation to help you determine if Chapter 13, or perhaps Chapter 7, is the right choice for you.
You have the right to feel confident about the steps you are taking. With more than 20 years of experience fueling the advice we provide, you can be confident that all of your options will be carefully explained to you and that your goals will be kept in mind throughout the legal process.
Your Property
As soon as a bankruptcy is filed, an automatic stay goes into place. This stay sends a message to creditors to:
Of course, you don't simply want to stop these actions. You want to keep your car. You want to keep your house. As long as your payments are current on these, or you are able to catch up by the time of filing, you will, most likely, be able to keep those items.
Cram Downs and Scrape Offs
In Chapter 13, two unique options become available to help you catch up with car and house payments: cram downs and scrape offs.
- Cram downs: If you have owned your vehicle for more than two and a half years and you owe more on it than what it's worth, you may be able to force the creditor to refinance at the current value of the car.
- Scrape offs: If your house is currently worth less than the amount of the first mortgage, you may be able to eliminate a second mortgage, if you have one.
Contact Us for a Free Consultation and Fast Action
Our firm has been assisting residents in the Phoenix and Tucson metro areas and throughout Arizona for over 20 years. When creditor harassment becomes constant, and the threats of repossession and foreclosure are becoming more serious, you want immediate action. Contact us and you will get the assistance of an experienced attorney who will act fast on your behalf.
