Chapter 13 Bankruptcy
Under the new bankruptcy laws, which introduced income limitations and a means test, not all individuals can qualify for a Chapter 7 bankruptcy. You might make too much money. If you do not qualify, Chapter 13 bankruptcy might be a viable option.
At Victor A. Denaro & Associates, I help individuals in Framingham, Marlborough and surrounding Massachusetts communities pursue the most appropriate type of bankruptcy for their circumstances, or explore bankruptcy alternatives if that makes more sense.
If you are trying determine whether you qualify for a Chapter 13 bankruptcy, or have questions about whether it is the right choice for you, speak directly with me, attorney Victor Denaro, to get the facts. Call me at (508) 620-5320 or contact me online.Chapter 13 Bankruptcy Basics
Chapter 13 bankruptcy allows you to file a repayment plan in which you repay a percentage of the debt you owe over a 36 to 60 month plan. Sometimes called a wage earner plan, this type of bankruptcy is designed to help you get caught up on bills, if you have fallen behind for any reason.
For example, a period of unemployment or a large medical bill might have caused you to miss a few house or car payments. The lack of income or additional expenses might have made it impossible to keep up. Now, you are back on your feet — you are working and have a decent income, but with the backlog of bills you cannot keep your head above water.
This plan helps you restructure your debt and get started on a payment plan that is reasonable. Your debts might be reduced, but they are not wiped out as they would be in a Chapter 7, and the process takes longer. However, with your payments stretched out over this longer time period, you will often find just the relief you need.Get Solutions You Can Trust
Are you thinking about filing for bankruptcy? Take advantage of the free one-hour initial consultation I offer to find out if Chapter 13 bankruptcy is right for you. I am happy to educate you about the bankruptcy process and to offer recommendations. Call (508) 620-5320 or contact me online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.