Due to recent changes in the court rules we are allowed to teleconference and file your case without ever leaving your home
Call Us : 508-655-3013
Due to recent changes in the court rules we are allowed to teleconference and file your case without ever leaving your home
Call Us : 508-655-3013
Consolidating Debts into a Manageable Repayment Plan: Chapter 13 allows you to consolidate multiple debts into a single payment plan. This simplifies your finances and makes it easier to meet your obligations. Instead of juggling multiple due dates and amounts, you make one payment per month. This structured approach can alleviate financial stress and keep you on track.
Protecting Your Assets From Liquidation: Unlike Chapter 7 bankruptcy, Chapter 13 does not require you to sell your assets. You can keep your home, car, and other valuable belongings. If you want to protect a lot of property equity, this is helpful. Following the repayment plan lets you keep your assets while paying off debt.
Stop Creditor Harassment and Collection Actions: Filing for Chapter 13 results in an automatic stay, which prevents creditor harassment and collection efforts. This means no more threatening phone calls, letters, or wage garnishments. Creditors must stop their actions and go through bankruptcy court. With immediate relief and peace of mind, you can focus on your repayment plan.
Addressing Secured and Unsecured Debts Effectively: Chapter 13 allows you to handle both secured and unsecured debts. To assist you in making up overdue payments, the repayment plan prioritizes secured debts. Unsecured debts can be paid off at a reduced rate or even discharged completely. This comprehensive approach ensures that your financial obligations are met.
Rebuilding Your Financial Future Post-Bankruptcy: Completing a Chapter 13 plan can help you achieve financial stability. It demonstrates your commitment to repaying debts, which can improve your credit score over time. While bankruptcy remains on your credit report for several years, its impact diminishes as you rebuild your credit. With disciplined financial habits, you can work toward a brighter financial future.
Income Requirements: To be eligible for Chapter 13, you must have a steady income. This ensures that you can make consistent payments according to the repayment plan. Your income should be sufficient to cover your basic living expenses as well as the proposed plan payments. This requirement guarantees the viability of your repayment plan.
Debt Limitations: To be eligible for Chapter 13 on April 1, your unsecured debts must be less than $419,275 and your secured debts must be less than $1,257,850. These limits are periodically adjusted. To determine eligibility, you must first assess your total debt load. If your debts exceed these limits, other bankruptcy alternatives may be more appropriate.
Prior Bankruptcy Filings: If you have previously filed for bankruptcy, you are subject to time restrictions. In general, you cannot receive a Chapter 13 discharge if you previously received a discharge in a Chapter 7, 11, or 12 case filed within four years, or a Chapter 13 case filed within two years. These timeframes help ensure that you use bankruptcy relief effectively.
Credit Counseling Requirement: Before filing, you must take a credit counseling course through an approved agency. This session will help you understand your financial situation and consider alternatives to bankruptcy. It is a necessary step to ensure informed decision-making. You must file the certificate of completion in court.
Tax Filing Compliance: You must have filed state and federal tax returns during the four years preceding your bankruptcy filing. This compliance is required for the court to accurately assess your financial situation. Failure to provide these returns may cause your case to be delayed or dismissed. Keeping your tax filings up to date is critical.
Personalized Financial Assessment: Our attorneys conduct a thorough review of your financial situation. This helps to determine whether Chapter 13 bankruptcy is the best option for you. We create a repayment plan based on your income, expenses, debts, and assets. This customized approach ensures the plan meets your financial needs and goals.
Development of a Feasible Repayment Plan: Creating a manageable repayment plan is critical in Chapter 13 bankruptcy. Our lawyers work closely with you to create a budget-friendly plan. We prioritize your necessary living expenses while allocating funds to repay creditors. This balance allows you to maintain your lifestyle during the repayment period.
Protection of Assets and Property: One advantage of Chapter 13 is the ability to keep your assets. Our legal team protects your property, including your home and car, from liquidation. We manage legal exemptions and protect your assets during bankruptcy.
Negotiation With Creditors: Dealing with creditors can be overwhelming. Our attorneys serve as intermediaries, negotiating with your creditors on your behalf. We intend to reduce the total debt, lower interest rates, and extend payment terms. The goal of these negotiations is to create a more affordable and less stressful repayment plan for you.
Guidance Through Legal Procedures: The bankruptcy process involves complicated legal procedures and documentation. Our experienced lawyers will walk you through each step, ensuring that all paperwork is correctly completed and deadlines are met. We represent you in court, giving you peace of mind while you focus on rebuilding your financial future.
By providing these comprehensive services, our Natick Chapter 13 bankruptcy lawyers aim to provide you with the guidance and knowledge you need to achieve financial stability. We actively assist you in regaining control of your finances and moving toward a debt-free future.
At Massachusetts Bankruptcy Center, we’re committed to assisting Natick residents with the complexities of Chapter 13 bankruptcy. Our experienced attorneys will evaluate your financial situation, walk you through the eligibility requirements, and create a customized repayment plan. We understand the difficulties you’re facing and are committed to providing compassionate, professional assistance throughout the process. Contact us today for a free consultation on how we can help you achieve financial stability and peace of mind.