Chapter 13 Bankruptcy Lawyer Springfield

Chapter 13 bankruptcy lets you keep your property while making payments on your debts in a way that you can handle. Our Springfield Chapter 13 bankruptcy lawyers can help stop harassment and collection efforts by working out fair terms for paying back debts over time. With our help, you can protect your home and start over with your money.

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Why Choose Chapter 13 Bankruptcy?

Stop Foreclosure and Collections: Filing for Chapter 13 bankruptcy results in an automatic stay, which immediately halts foreclosure proceedings and debt collection efforts. This legal protection allows you to make up missed payments and protect your home from foreclosure.
Secure Your Assets: Unlike Chapter 7 bankruptcy, Chapter 13 allows you to keep your valuable assets, such as your home and vehicle. By reorganizing your debts into a manageable repayment plan, you can keep your property while meeting your financial obligations.
Discharge Debts: Chapter 13 allows for the discharge of certain unsecured debts upon successful completion of the repayment plan. By eliminating any remaining eligible debts, you can achieve a clean financial slate.
Protect Co-Signers: If a friend or family member has co-signed a loan with you, Chapter 13 can shield them from creditor action. The automatic stay applies to co-signers, preventing creditors from pursuing repayment during your bankruptcy case.
Wage Earners’ Plan: Chapter 13, also known as a “wage earner’s plan,” is design for individuals with a regular income. It enables you to create a repayment plan based on your earnings. This approach makes debt repayment more manageable and appropriate for your financial situation.
Debt Reorganization: Chapter 13 combines your debts into a single repayment plan, streamlining the payment process. This reorganization may lower your monthly payments and interest rates, easing the burden of multiple creditors and payment schedules.

How Can Our Springfield Bankruptcy Attorney Help You With a Chapter 13 Filing?

Consultation: We begin with a thorough consultation to assess your financial situation and decide whether Chapter 13 is the best option for you. Our attorneys will explain the process, benefits, and potential challenges so you can make an informed decision.
Paperwork Preparation: Filing for Chapter 13 requires extensive documentation. Our team will help you gather and prepare all necessary paperwork, ensuring accuracy and compliance with legal requirements. This thorough preparation will help you avoid delays or complications in your case.
Repayment Plan Design: We will work with you to create a feasible repayment plan that fits your budget and is court-approved. Our goal is to develop a plan that will allow you to repay your debts while maintaining your financial stability.
Debt Negotiation: Our Chapter 13 bankruptcy attorneys will negotiate with your creditors to secure favorable terms for the repayment plan. This could include lowering interest rates, extending payment terms, or lowering the total amount owed. These adjustments aim to make debt repayment more manageable.
Court Representation: We will represent you in all court proceedings, advocate for your interests, and ensure their protection. Our bankruptcy law experience allows us to effectively navigate the legal system. Our goal is to achieve a successful outcome in your case.
Legal Support: Throughout the Chapter 13 process, we provide ongoing legal support and address any concerns or questions you may have. Our commitment is to guide you every step of the way, so you can feel confident and informed throughout your bankruptcy process.

How Does Chapter 13 Differ From Chapter 7 Bankruptcy?

Chapter 13 bankruptcy and Chapter 7 bankruptcy are two different types of bankruptcy that are best for different types of financial situations. Therefore, figuring out the best way to move forward depends on how well you understand their differences.

For instance, when someone files for Chapter 7 bankruptcy, non-exempt assets are sold to pay off debts, which could mean losing property. In contrast, Chapter 13 on the other hand lets you keep your assets by reorganizing your debts into a repayment plan. As a result, this keeps your assets from being liquidated.

Furthermore, Chapter 7 is only available to people with incomes below a certain level, as determined by a means test. Meanwhile, Chapter 13 bankruptcy is only for people who have a steady income and whose secured and unsecured debts don’t go over certain limits.

Additionally, Chapter 7 of bankruptcy is pretty quick; it usually ends within a few months, and debts are quickly forgiven. However, Chapter 13 requires a longer commitment, with repayment plans that last between three and five years. If you continue to meet the requirements, the court may forgive any remaining debts.

Moreover, Chapter 7 mostly deals with unsecured debts like medical bills and credit cards, and it offers relief through discharge. On the other hand, Chapter 13 is more flexible because it lets people pay off both secured and unsecured debts. This makes it a good choice for people who want to stop their homes from being foreclosed on or taken back.

Call Our Springfield Chapter 13 Bankruptcy Attorneys

At Massachusetts Bankruptcy Center, we take pride in assisting our clients in achieving a brighter financial future. Our comprehensive services include filing court documents, negotiating with creditors to reduce your debt, and creating a repayment plan tailored to your specific requirements. We ensure that your plan is approve by the court, giving you a clear path to financial recovery.

Our Chapter 13 bankruptcy law firm takes pride in handling every aspect of your Chapter 13 bankruptcy filing. We handle the complexities of the legal process so you can focus on rebuilding your financial health. Our team is here to help you through each step, making sure you understand your options and make informed decisions.

If you are considering Chapter 13 bankruptcy in Springfield, please do not hesitate to contact us. Contact us today to set up a consultation and take the first step toward financial freedom. Our knowledgeable attorneys are ready to help you get the fresh start you deserve.

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