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Williams, Williams, & Bembenek is fully licensed and equipped to offer you all the legal assistance you need for bankruptcies, including:

Chapter 13 is a repayment plan bankruptcy – sometimes referred to as a debt reorganization bankruptcy. Chapter 13 restructures debt, interest rates, and amount of debt so that the filer can repay it. Repayment plans must be kept current.

  • Chapter 13 Features:
    • Filers may have to forfeit some of their property
    • Requires a stable income
    • Has specific debt limits
    • Typically a 3-5 year repayment program
    • Repayment is typically much less than the amount of the debt
    • All disposable monthly income must be committed to the plan
    • Often guards you from home foreclosure – as long as payment plan is current
    • Wipes out most of your general unsecured debt
    • Will not touch a 401K, IRA, or other retirement savings account
    • The court will appoint a trustee over your bankruptcy
    • Does not wipe your credit clean
    • Credit reports will show your bankruptcy for 10 years
    • Late payments and debt collections disappear from credit reports after 7 years
    • Lowers monthly payments to an affordable amount
    • Pay taxes & child support over time
    • Reduce interest and penalties
    • Save your assets – automobile, home, property & retirement
  • Chapter 13 bankruptcy can stop issues with:
    • Credit card problems
    • Foreclosures
    • Harassment
    • Lawsuits
    • Repossessions

As always, with Williams Williams and Bembenek, the first bankruptcy consultation is free!

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