Chapter 13
If you are experiencing difficulties with your home mortgage or auto loans, Chapter 13 may be your solution. Chapter 13 is a debt reorganization process designed to eliminate or reduce credit card and personal loan debt while, if needed, allowing you to cure arrears in your home mortgage or auto loan.
In most cases, Chapter 13 can help you solve your financial problems in one or more of the following ways.
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First, Peace of Mind. Upon the filing of a Voluntary Petition under Chapter 13 the bankruptcy judge will enter an Automatic Stay Order which stops, immediately, all collection activities. This means that all home foreclosure hearing or threats are automatically canceled. Any attempt or threat to repossess your vehicle is also cancelled.
To Learn More About How a Chapter 13 Will Allow You and Your Family to Achieve Debt Freedom, Click Here.
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Second, once collection activity has been stopped, you and your family will enjoy peace of mind and tranquillity. The attorneys at The Batista Law Group will help you draft a repayment plan that allows you – within your financial means – to cure any arrears in your home mortgage and/or auto loans.
To Learn More About How We Will Help You Draft a Chapter 13 Repayment Plan that Fits Within Your Financial Means, Click Here.
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Third, upon the successful completion of the Repayment Plan, your home and/or auto loans will be completely up to date allowing you to preserve your family’s home and auto.
To Learn More About How You Can Protect Your Home and Auto in a Chapter 13 Bankruptcy Case, Click Here.
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Fourth, upon completion of the Repayment Plan, you will also receive a Discharge from the Bankruptcy Court which discharges you from all other debt obligations (credit cards, personal loans, etc.) which pre-existed the bankruptcy. Your credit report will also reflect $0.00 balances.
To Learn More About How and Why Credit Card and Personal Loan Debt can Sometimes Be Eliminated in Chapter 13, Click Here.
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Fifth, upon the completion of your Repayment Plan, your home and auto loans will be up to date, your credit cards and personal loans will be reduced to $0.00; therefore, allowing you to recreate and re-establish your credit history and credit worthiness.
The Chapter 13 Payment Plan to Cure Arrears
In Chapter 13 there is no part of the process which is more critical and fundamental to the success of your bankruptcy than drafting your Repayment Plan. A Repayment Plan must comply with the requirements of the Bankruptcy Code, but at the same time it, must preserve sufficient residual income for you and your family to enjoy the basic necessities of daily livelihood. If you and your family cannot enjoy live because you are in bankruptcy, then bankruptcy is not a relief but a chamber. Here is where we at The Batista Law Group can and will help you.
A Confirmed Chapter 13 Plan of Reorganization imposes upon creditors a payment plan, as long as sixty (60) months, which allows you to cure any accumulated arrears in your mortgage and/or vehicle obligations. We at The Batista Law Group will help you craft a repayment plan, within your present financial means, which allows you to comply with the requirements of the Bankruptcy Code but which at the same time allows you sufficient residual income to enjoy life. Many times, based on your financial condition, we will seek to reduce or eliminate credit card and personal loan debt, in order to create space in your budget to meet bankruptcy requirements but yet preserve sufficient resources to enjoy live outside of bankruptcy. The Attorneys at the Batista Law Group will advise and counsel you through this critical process.