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Chapter 13 Bankruptcy

Consolidating Your Debts to Protect Your Valuable Assets

Losing the things for which we have worked our whole lives can be a major concern in bankruptcy cases. If Chapter 7 bankruptcy is unavailable to you, or you have a large number of valuable assets, Chapter 13 may be an option.

You will be on track to basically consolidate your debts, only paying back your disposable income while protecting the rest of your income. You will be able to pay your mortgage, rent and vehicle payments while having enough money to cover the necessities for your family. Additionally, if you own a car or a home, this allows you to protect these valuable assets. Many homeowners who are facing foreclosure choose Chapter 13. You may also be eligible to remove your second or additional mortgages.

Along with offering more security, the process involved in filing Chapter 13 is more complicated. Seeking an experienced foreclosure defense attorney is a step toward protecting your belongings and easing your mind.

AtNicolet Law Office, S.C., our Chapter 13 bankruptcy attorneys act quickly to file your case with the bankruptcy court because we know that getting back on your financial feet and marching forward into a more promising future is very important.

Not everyone is eligible for Chapter 13. You must have a source of regular income. You will pay your priority creditors in full and make a monthly payment so that you can keep your secured assets. If you pay the amounts determined by the trustee in your case, you will be rewarded with a discharge of the leftover debt. If, throughout this process, you find that you cannot make your payments, Chapter 13 allows for modifications and even a conversion to Chapter 7.

Like Chapter 7, Chapter 13 covers the majority of outstanding expenses that an individual may have. This includes debts such as:

  • Credit card debt
  • Medical debt
  • Past-due mortgage payments
  • Car payments
  • Other common expenses

There are still certain debts that would not be discharged under Chapter 13. Past-due child support or unpaid taxes would not be removed by filing for Chapter 13 bankruptcy. You will also still be responsible for paying student loans. However, despite these debts remaining, Chapter 13 payments can potentially make things easier for you by allowing you to divert more financial resources toward these debts.

How Do I Know Which Type Of Bankruptcy Is Right For Me?

This is something that our bankruptcy lawyers will help you figure out. We look at the specifics of your financial situation, and really examine all of the options to see what would best for your future. Whether you qualify for Chapter 7 under the means test or would be better suited for a Chapter 13 bankruptcy, we can put you in a position to once again regain control over your finances.

Why Should I Speak To An Attorney And Not A Debt Relief Agency?

We meet with many clients who have trusted these agencies to bring an end to their financial problems. What people don’t realize is that these debt relief companies often make situations worse. They direct you to pay them huge up-front fees before completing any work on your behalf. They keep these funds, which means that your debts continue to increase. You often end up with much higher debt amounts, which can take away some of your options. You should talk to an experienced Chapter 7 or Chapter 13 bankruptcy lawyer to know what is really right for you.

The most common reason that people often give us for working with these companies is that they are afraid of the costs associated with a bankruptcy filing. They worry about the filing fee and other expenses connected to the bankruptcy process.

Our attorneys prepare things for you correctly the first time, so that you are not forced to spend more money to get things done right. We know that you are in a difficult position financially, and we offer clients affordable attorney fees if you need to file for bankruptcy. We provide you with the peace of mind of knowing that you are doing what is best for your long-term financial well-being.

Contact Nicolet Law Office, S.C., For More Information

Our lawyers know bankruptcy. We understand the stresses that accompany finances. It is very rewarding to help our clients as they initiate a fresh start. Our experience spans from individuals to large businesses. Call 715-802-0872 or 800-456-6956 for a free initial consultation, or fill out our contact form for more information. We offer flat-fee bankruptcy, payment plans and reasonable fees.